Question Period Note: Export Development Canada 2018 Legislative Review

The 2018 Export Development Canada Legislative Review was launched by the Minister of International Trade on June 28, 2018, as required by the Export Development Act. A report was tabled in Parliament

• The 2018 Legislative Review of the Export Development Act is proceeding as planned

• This Review will help the Government ensure that Export Development Canada (EDC) continues to offer services which are adapted to the evolving needs of the Canadian business community

• A report for the Review was tabled in Parliament in June 2019 in alignment with the Export Development Act. The report contains key findings which will be studied further once it is assigned to a designated Parliamentary Committee

• As part of the Review, extensive consultations were held to ensure that the Government hears from all segments of the business community as well as from representatives from civil society

• Export Development Canada is considered one of the best export credit agencies in the world and plays an essential role in supporting Canadian exporters and investors.

The Export Development Act, which governs the operations of Export Development Canada (EDC), stipulates that it should be reviewed once every 10 years. Such a review will inform Parliamentarians in their own examination of the Export Development Act. Examination by Parliamentarians could lead to proposed amendments to the Act.

The 2018 Review was launched by the Minister of International Trade on June 28, 2018. The first phase of the Review was completed in the spring of 2019. A report containing the findings of the Review was tabled in Parliament in June 2019.

To assist in the conduct of the Review, Global Affairs Canada retained the services of International Financial Consulting Ltd. (IFCL), a Canadian firm which is a world leader in the review of issues related to export credit agencies. IFCL was selected through an open and competitive selection process. IFCL conducted the last review of EDC in 2008.

The 2018 Review is centred on nine themes:
i. EDC's complementary role with the domestic private sector;
ii. EDC's place within Government;
iii. Meeting the evolving needs of Canadian business;
iv. Role of EDC in the changing global context;
v. Corporate social responsibility and human rights;
vi. Comparison of the capacity of the Canadian trade financing system to that of other countries;
vii. Domestic power regulations;
viii. Governance of the Canada Account;
ix. Development Finance Institute (FinDev Canada).

Extensive consultations with stakeholders were conducted as part of the Review. Stakeholders include exporters, financial institutions, representatives from the civil society, and government officials. IFCL has met with more than 100 stakeholders and more that 50 submissions related to EDC were presented through a dedicated website.

The next phase of the Review consists in an examination of the findings contained in the report by a Parliamentary committee to be identified.

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