Special Summit of the Americas Must Deliver Renewed Commitment and Concrete Actions, Canada’s Business Leaders Say

January 9, 2004

The leaders of 34 democratically-elected governments at the Special Summit of the Americas next week in Mexico must renew their commitment and agree on concrete, short-term actions to achieve real economic, political and social progress in the hemisphere, says the Canadian Council of Chief Executives (CCCE).

“The Canadian idea of an extraordinary summit of leaders from the Western Hemisphere is to be commended,” said Thomas d’Aquino, President and Chief Executive of the CCCE. “It represents an opportunity for leaders to agree on a common vision and to discuss what more needs to be done to address the challenges in the region.”  Themes for discussion at this special summit are: economic growth and poverty reduction, the promotion of good governance and elimination of corruption, and social development.

Mr. d’Aquino urged summit leaders to support several concrete proposals in addition to reaffirming and adhering to the agenda established at the Summit in Quebec City in April 2001.  These proposals include: developing effective property rights systems; doing more to ensure access to financial services; reducing the cost of remitting money to the region from citizens working abroad; greater accountability for education systems; better treatment mechanisms for those with HIV/AIDS; and addressing corruption – a serious obstacle to economic and social development – in a meaningful way.

Creation of a hemisphere-wide free trade zone will be critical to prospects for sustained growth, future prosperity and strengthened democratic institutions, Mr. d’Aquino added.  “Countries that trade openly attract more investment, experience more growth and development opportunities, benefit from lower levels of poverty, and generate more and higher quality jobs.  Leaders should do their utmost to agree on an ambitious, high-standard Free Trade Area of the Americas by 2005.”

“The North American Free Trade Agreement has been an outstanding success in stimulating trade and investment, promoting economic and productivity growth in Canada, the United States and Mexico.  It stands as a shining example for countries in the hemisphere to continue to pursue regional and bilateral liberalization efforts,” added Mr. d’Aquino.

Trade deals alone will not be enough to ensure steady improvements in the quality of life enjoyed by people across the hemisphere.  Overcoming challenges such as corruption, poor education, excessive red tape, infrastructure problems, lack of credit, and a small tax base also will require greater collaboration and agreement on practical short-term goals.

The CCCE is Canada’s senior business organization and is devoted to strengthening the country’s economy and society through the development of sound public policy in Canada, North America and the world.  The Council believes that Canada must maintain its leadership in extending the benefits of trade and investment liberalization to developing countries and its proud tradition of internationalism in contributing to global peace and security and to the spread of democratic institutions and values.

CCCE member chief executives head companies that administer in excess of $2.3 trillion in assets, have annual revenues of more than $550 billion and account for a significant majority of Canada’s private sector investment, exports, training and research and development.

In addition to Mr. d’Aquino, the members of the CCCE’s Executive Committee are: Chairman Richard L. George, President and Chief Executive Officer of Suncor Energy Inc.; Honorary Chairman A. Charles Baillie; and Vice-Chairmen Derek H. Burney, Dominic D’Alessandro, Paul Desmarais, Jr., David L. Emerson, Gwyn Morgan, Gordon Nixon and Paul M. Tellier, the chief executives respectively of CAE, Manulife Financial, Power Corporation of Canada, Canfor Corporation, EnCana Corporation, Royal Bank of Canada and Bombardier Inc.