Scotiabank CEO calls on government to address trade concerns

By Alexandra Posadzki

Scotiabank CEO Brian Porter is calling for an updated North American trade agreement that includes provisions on services, electronic commerce and intellectual property. 

Scotiabank (TSX:BNS) believes there must be "positive public dialogue'' on the benefits of free trade as policy makers look to renegotiate the terms of NAFTA, Porter said Tuesday.

Porter said millions of jobs have been created and the value of goods traded has tripled under NAFTA but business leaders and politicians must address the concerns of people who feel that their livelihoods have been threatened by open markets.

"Today we are witnessing political movements in many countries that are challenging the long-held view that free trade is a key driver of economic prosperity,'' Porter said Tuesday at the bank's annual shareholders meeting, in Toronto.

Porter said the bank supports the free movement of goods and services but agrees that it would be "timely'' to update some provisions of the North American Free Trade Agreement, which went into effect in 1994.

"This would ensure that the agreement better reflects today's realities,'' Porter said.

He also suggested there should be training opportunities to help displaced workers get back into the workforce.