Finance Ministers and Central Bank Governors Reaffirm Importance of Open, and Rules Based Trade; Conclude G7 Meeting on Investing in Growth That Works for Everyone
June 2, 2018 – Whistler, British Columbia – Department of Finance Canada
The Government of Canada is committed to working with its international partners to ensure that the benefits of economic growth are shared by everyone, including the middle class and people working hard to join it.
Discussions among Finance Ministers and Central Bank Governors this week in Whistler, British Colombia, demonstrated what collaboration and cooperation can accomplish, but also centered around concerns expressed by many over the tariffs imposed by the United States on steel and aluminum, noting that these actions undermine business and investor confidence.
Finance Ministers and Central Bank Governors also held important discussions reflecting the fact that economic growth is only sustainable when it is shared fairly. This means making sure that more people – including women and marginalized groups – have the opportunity to work, and to earn a good living from that work. It means investing in the things that will deliver a better quality of life for people – things like quality infrastructure, education, skills training and benefits for families. It means working together so that every person has a real and fair chance at success.
For the first time, G7 meetings included a joint session with Finance and International Development Ministers, co-chaired by Bill Morneau, Minister of Finance, and Marie-Claude Bibeau, Minister of International Development and La Francophonie. The meetings also included members of the Gender Equality Advisory Council (GEAC) for Canada's G7 Presidency, who's mandate is to promote a progressive and transformative G7 agenda that integrates gender equality and women's empowerment across all themes, activities and outcomes.
The Ministers and Governors wish to thank the people of Whistler for their hospitality and, in particular, the Squamish and Lil’wat Nations for hosting the meetings at their Cultural Center.
"Friends sometimes disagree. The results of our discussions are proof the G7 can bring progress on important issues to our citizens and help grow our economies for the benefit of everyone. But this progress is only possible when we work together. Unfortunately the actions of the United States this week risk undermining the very values that traditionally have bound us together. I wish to thank my G7 counterparts for the productive meetings in Whistler – and I reiterate Prime Minister Trudeau’s appeal for common sense to prevail as the Summit gets underway in Charlevoix next week."
- Bill Morneau, Minister of Finance
- The G7 is an informal grouping of seven of the world’s advanced economies consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The European Union is also represented at the G7 by the European Commission, the European Central Bank and the Eurogroup.
- G7 Finance Ministers and Central Bank Governors meet each year to discuss key economic policy issues that require international coordination.
- Since 2016, Canada has led the G7 in economic growth.
- Recent estimates suggest that, across the G7, the economic benefits of economic gender parity could be in the trillions.
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Department of Finance Canada