The University of Victoria (UVic) is a member of the South Island Prosperity Partnership (SIPP), Greater Victoria’s regional economic alliance.
SIPP is set to hold its annual Rising Economy conference, featuring experts in the region like UVic professors Jen Baggs from Gustavson School of Business and Jason Colby from the Faculty of Humanities.
Colby is a historian who specializes in US political history, foreign relations, and the intersection of trade, politics and the environment. His expertise speaks to the challenges facing Greater Victoria and Vancouver Island businesses navigating today’s shifting trade landscape. It’s why he and Baggs were tapped to deliver the luncheon keynote entitled The Canada Pivot: Thriving Next Door to a Disruptive Superpower.
We asked Colby to give a taste of what Victoria business community members can expect to hear about Canada-US trade relations.
Q: George Santayana famously told us in 1905 that, “Those who cannot remember the past are condemned to repeat it.” What are Canadians forgetting today that we should keep in mind?
A: The Trump administration’s rhetoric and unpredictable trade policies have understandably upset many Canadians. Yet, it is critical to remember that, over the past 80 years, Canada and the United States built the most broadly shared prosperity and closest international partnership in world history. As in other rocky moments in the relationship of these two great nations, this, too, shall pass.
Q: Prime Minister Mark Carney recently told global leaders we’re entering a new world order. How do you see that impacting Greater Victoria?
A: The worldwide trend away from global integration and cooperation and toward national interests presents opportunities as well as challenges. Although expanded trade with China is likely, for example, I expect Greater Victoria to remain closely tied to the US economy. At the same time, I believe the region has an unprecedented opportunity to market itself more effectively to Canadian consumers and travelers.
Q: How is Greater Victoria positioned to take advantage of shifting trade and economic activity? Are there vulnerabilities we should consider?
A: If Canada’s internal trade barriers can be eliminated and heavy regulations reduced, Greater Victoria has the chance to become the favourite domestic travel destination for Canadians, in the process building a national market for local merchants. The region is spectacular, the people are welcoming, and the business owners are some of the most creative and dynamic in North America. Yet, trade across Canada remains onerous and travel shockingly expensive.
In terms of vulnerabilities, two concern me. First, the provincial and city governments have struggled to cultivate a supportive environment for business. Second, surging anti-American sentiment threatens to hurt a tourist industry that relies heavily on US visitors, none of whom are responsible for the US government’s policies or rhetoric.
Q: What’s the most important thing history can teach business leaders in today’s context?
A: A nation’s economy and shared identity thrive when its government removes obstacles to internal trade and travel. In contrast, countries that fail to foster these internal connections not only hamstring the potential of local businesses, but also become dependent upon and easily divided by external powers.
Conference tickets to the Rising Economy are available for purchase online. Learn how UVic is here for the business community of the South Island.
