CANADA AND ECONOMIC SECURITY: THE WAY AHEAD

In August-September 2024, Global Affairs Canada held public consultations on “Potential New Measures to Advance and Defend Canada’s Economic Security Interests.” The inputs provided will help the Government of Canada update or develop approaches and measures that would advance Canada’s economic security interests. The following analysis and recommendations were submitted by the author in response to the call for expert views on the subject. The author argues that, in addition to public consultations, Canada still needs a strategic framework to think about national security, prosperity and economic security in a comprehensive, whole-of-governmet fashion and makes five specific recommendations. Canada should: 1. Develop, promulgate and implement a whole-of-government National Economic Security Strategy; 2. Undertake an in-depth intelligence-based all-source threat assessment of foreign economic threats to Canada, including an unclassified version for Canadians, prior to deciding on the measures to be taken in the National Economic Security Strategy to secure Canada’s economic security and prosperity; 3. Undertake a full cost analysis of the gains and losses to the Canadian economy and individual economic security from the applications of all the measures delineated in the National Economic Security Strategy; 4. Undertake an in-depth analysis of how allies and other states would respond to the implementation of a new National Economic Security Strategy (taking into account the best, worst and most likely outcomes) and develop options, to be included in the Strategy, to mitigate the risk of harmful outcomes; and 5. Consider developing a National Industrial Strategy and an International Trade Strategy alongside or as key components of the National Economic Security Strategy. Received: 09-24-2024 Revised: 10-25-2024