Competition is critical — now more than ever. Competition is a key pillar of a free-market economy. It spurs our innovative spirit and drives entrepreneurship. It pushes individuals and businesses to make the best use of their resources, and to think outside the box to develop new ways of doing business and winning customers, both at home and abroad. This can benefit all Canadians through lower prices, more choice and better products and services. Ultimately, this improves our standard of living.
As Canada’s economy rebounds from the past two years, robust competition will be essential to our economic recovery. This is especially important to small- and medium-sized enterprises that were among the hardest hit by the pandemic. They need to thrive so that Canada can replace lost jobs.
The Competition Bureau is an independent law enforcement agency. We protect and promote competition for the benefit of Canadian consumers and businesses. And, as I stated in my recent Canada’s Podcast interview with Angela Faye, this is something Canada really needs right now as we work to grow our economy.
Globally, we are witnessing a shift toward more aggressive enforcement of competition laws. We are also seeing proposals to review and revamp existing national competition laws. Around the world, competition is increasingly placed at the heart of economic recovery and growth, particularly in digital markets.
I’m encouraged by the renewed attention to competition policy. Recently Canada’s Minister of Innovation, Science and Industry, Francois Philippe Champagne stated that “Canadians are rightly concerned about the rising cost of living, corporate concentration and a fair chance at participating in the economy. That is why we are taking action to help the Competition Bureau continue to protect consumers and the integrity of the marketplace. We will also ensure that our competition law remains the most effective tool it can be in making life more affordable for Canadians.”
Canada needs more competition now. Getting Canada’s competition policy right will benefit everyone, especially small- and medium sized enterprises. I welcome the focus that our current government is placing on competition. Well-designed competition policy will help us build a stronger, more resilient and more inclusive economy, from coast to coast to coast.
Matthew Boswell is Canada’s Commissioner of Competition. He was appointed to a five-year term in March 2019.
