Statement of Priorities and Accountabilities for Export Development Canada

December 21, 2022
Mr. Lindsay Gordon
Interim Chair of the Board of Directors
Export Development Canada
150 Slater Street
Ottawa ON K1A 1K3

Dear Mr. Gordon:

I am pleased to provide Export Development Canada (EDC) with its 2023 Statement of Priorities and Accountabilities.

This is a pivotal time for Canada’s economy and approach to trade. Recovery from the COVID-19 pandemic, fallout from Russia’s illegal invasion of Ukraine, the climate crisis, supply chain disruptions, and global economic headwinds are among the myriad of challenges facing Canadian businesses. In response to these challenges, EDC has delivered strong results as part of Canada’s trade support network. From administering the Canada Emergency Business Account to support over 900,000 small businesses through the pandemic, to standing firm with our allies to swiftly respond to Russia’s illegal attacks on Ukraine, EDC has been there for Canadians.

Looking to the year ahead, I expect EDC to focus on: i) enhancing trade support; ii) supporting sustainable and responsible growth; and, iii) delivering results for Canadians. This work will allow Canadian businesses the opportunity to develop and grow internationally, contributing to our economic prosperity and creating good-paying jobs across the country.

Enhancing Trade Support

As the Minister responsible for supporting Canadian businesses from start-up, to scale-up and to expansion abroad, ensuring Canada has a complete suite of tools to support its exporters is a cornerstone of my mandate. Canadian companies succeed internationally when they have a strong network of seamless and high quality services at home. To this end, I ask that EDC:

• Continue in its role as Chair of the Business, Economic, Trade Recovery (BETR) team and continue to pursue seamless “Team Canada” approach to trade support.
• Explore joint marketing and coordinated communications among federal partners to help enhance collaboration and engagement with Canadian businesses.
• Work with Global Affairs Canada, Innovation, Science and Industry (ISED), Transport Canada, and Agriculture and Agri-Food Canada to strengthen and secure Canada’s supply chains. As part of these efforts, EDC should enhance support to companies improving Canada’s supply chain resilience.
• Work with Natural Resources Canada, Global Affairs Canada, and ISED to enhance support for Canada’s critical mineral value chains.
• Support the growth of Canada’s creative industries in existing and new markets by working with the Business Development Bank of Canada, Canadian Heritage, ISED, and Global Affairs Canada.

Supporting Sustainable and Responsible Growth

As Canadians, we hold ourselves to a high standard when engaging in business abroad. Our competitiveness is amplified through principles of sustainability and responsibility. In continuing to support this vision, I ask that EDC:

• Implement the Government’s policy guidance on the Glasgow Statement commitment to end new direct public support for the international unabated fossil fuel energy sector, and provide regular updates on progress.
• Continue to support Canada’s transition to a low-carbon economy, in particular, by phasing out support for new projects in the fossil fuel sector, in alignment with Canada’s climate objectives and future Government of Canada climate change and fossil fuel energy financing policies.
• Operate in a manner consistent with the Government’s comprehensive approach to responsible business conduct, including measures related to thorough due diligence and addressing forced labour throughout supply chains. It also includes greater collaboration with the TCS, with respect to withdrawing support provided to companies that do not meet Canada’s responsible business conduct expectations.
• Bolster the Governments efforts to support Ukraine as it fights against Russia’s illegal invasion and be prepared to assist in future rebuilding. This includes offering competitive export support for businesses utilizing the Canada-Ukraine Free Trade Agreement.
• Ensure trade works for all Canadians by engaging and supporting more exporters from under represented groups, including Indigenous and racialized business owners.
• Identify opportunities to enhance support for Canada’s cleantech exporters under the Climate Change Sector Understanding of the OECD Arrangement on Officially Supported Export Credit.

Delivering Results for Canadians

To help Canadian businesses successfully navigate the challenges of the current global economic environment, maintain a focus on Canadian economic growth and support the Government’s long-term trade strategy, I ask that EDC:

• Orient activities towards the Indo-Pacific region, consistent with Canada’s Indo-Pacific Strategy.
• Review its Canadian Benefits Policy, in close consultation with Global Affairs Canada and the Department of Finance, ensuring that clear, measurable, benefits to the Canadian economy remain at the heart of this approach in an ever-changing global environment. The first review should be submitted to my office by December 31, 2023, and every three years thereafter.
• Develop an export competitiveness report, benchmarking the performance of EDC’s supports against export credit agencies in both OECD and non-OECD countries. The first report should be submitted to my office by August 1, 2023, and submitted every three years thereafter.
• Enhance engagement in multilateral export credit negotiations to ensure the best possible competitive position for Canadian exporters and identify ways to leverage international agreements to the benefit of Canadian businesses.

EDC has had a remarkable year, working in partnership with the Government of Canada to deliver vital support to businesses and communities across the country. Despite global economic headwinds on the horizon, Canadians can be confident that EDC will continue to be there to support their ventures in both familiar and new markets, helping them achieve prosperity through trade that is inclusive, competitive, and sustainable.

I look forward to working with EDC in the coming year to continue meeting the needs of Canadian businesses and advancing the priorities outlined in this letter.

Sincerely,

The Honourable Mary Ng, P.C., M.P.