Bank of Nova Scotia’s president and chief executive is confident that a NAFTA agreement will be reached in “the near future,” adding that the lender will continue to promote the benefits of free trade and open markets.
“We believe one of the reasons for Canada's present economic strength is our commitment to free trade and open markets,” Brian Porter said, according to a copy of prepared remarks for Scotiabank’s annual meeting in Toronto Tuesday.
“As a strong proponent of the agreement, we will continue to do what we can to promote its merits, and we remain optimistic that an agreement will be reached in the near future.”
Porter also called on political and business leaders to address the feelings of “anxiety” over free trade.
“We must not ignore concerns about displacement, in our industry and beyond,” he said.
Porter said one way to address the greater move toward protectionism is to introduce programs to support displaced workers that will allow them to join the new economy.
Porter is not the only CEO of Canada’s big banks who has touted NAFTA and the economic benefits of free trade recently.
Last week, Toronto-Dominion Bank CEO Bharat Masrani told BNN’s Amanda Lang that he fears protectionism and the spectre of a trade war could trigger a slowdown and even recessions in some countries.
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