Thank you, Mr. Speaker. Mr. Speaker, I rise today to discuss an issue of significant economic importance to the Northwest Territories and to all of Canada: Efficiencies from internal trade barriers.
Mr. Speaker, a recent international monetary fund report reveals that Canada could increase its real GDP by approximately 7 percent, roughly $210 billion, if we fully eliminated the internal trade barriers between provinces and territories, Mr. Speaker. This is not a small matter. These barriers currently equate to about 9 percent tariff nationally. With the costs concentrated primarily in services, which make up a majority of the inter-provincial trade, certainly, Mr. Speaker, a professional approach to Canada cost efficiencies in support of domestic economic growth.
Most concerning, Mr. Speaker, is that barriers in critical sectors like healthcare services, education, amount to 40 percent tariff equivalent. The IMF notes that smaller provinces and territories face costs that are multiples higher in sectors like health, retail trade, and professional services.
I want to acknowledge the progress made by the committee on internal trade in 2025 chaired by our very own Minister Cleveland. Parties removed 30 percent of the party-specific exceptions under the Canadian Free Trade Agreement, signed the Canadian Mutual Recognition Agreement on the sales of goods and services, Yellowknife, and developed a labour mobility action plan with concrete measurables. However, Mr. Speaker, as a small jurisdiction, the Northwest Territories stands to gain significantly from full trade elimination on barriers. The report shows smaller provinces -- excuse me there, Mr. Speaker. Can I seek unanimous consent to conclude my statement? Mahsi.
---Unanimous consent granted
Thank you, colleagues. The report shows smaller provinces could see changes of up to 40 percent points in the GDP per worker. Mr. Speaker, the opportunity is now; the prize is large. IMF says turning 13 economies into one is no longer an aspiration; it is an economic imperative. Mahsi.