In the Federal Budget 2024 published this week the Canadian Government announced it proposes to provide $10.5 million over three years, starting in 2024-25, for the Canada Border Services Agency (CBSA) to create a dedicated Market Watch Unit.
The new unit will monitor and update trade remedy measures annually, to protect Canadian workers and businesses from unfair trade practices, and ensure greater transparency and market predictability.
The Canadian Steel Producers Association welcomed the announcement: “Canadian steel producers face significant competition within our borders from steel that is unfairly traded. As the economy softens globally, we are seeing this problem intensify and action is urgently needed. As the most significant user of Canada’s trade remedy system, we feel it is imperative new resources and approaches are put in place to protect the domestic industry and its employees from these unfair practices,” said Catherine Cobden, President & CEO of the Canadian Steel Producers Association.
“The announcement of funding for a new Market Watch Unit will see trade remedy measures updated annually. This new tool will greatly improve the existing process and provide significant transparency and predictability in the system for all users. We look forward to working with the federal government to ensure that the implementation of this new tool delivers a more permanent shift in how importers behave within our borders.”
The Canadian government and the CBSA will issue additional information at a later date.