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Carney Launches "One Canadian Economy" Act

Taarek Refaat Canadian Prime Minister Mark Carney unveiled sweeping legislation on Friday aimed at expediting the approval of infrastructure projects and removing long-standing internal trade barriers, as part of a broader effort to boost Canada's economic potential amid growing global uncertainty. The One Canada Economy Act, a cornerstone of the Carney government's economic growth agenda, aims to standardize regulatory processes and create a single domestic market across the nation, according to CBC Canada. "Canada has been a country that used to build big things," Carney said at a press conference. "But in recent decades, it's become much harder to build in this country." To address these concerns, the bill would reduce federal project approval times from five years to two by creating a single permitting office and applying a "one project, one review" standard to infrastructure proposals. Projects labeled "nation-building" by the federal cabinet, such as railways, ports, pipelines, and transit lines, would undergo streamlined evaluations that focus not on justification, but on implementation. Under the bill, these proposals must meet at least some of five criteria, including economic benefit, Indigenous participation, and contributions to climate goals, although officials emphasize that these are considerations, not strict thresholds. The new approach was prompted in part by concerns about regulatory paralysis that has slowed Canada's ability to bring natural resources to global markets. "When federal agencies considered a new project, their immediate question was: Why?" Carney said Friday. "With this bill, we'll instead ask ourselves: How?" The new legislation also addresses internal trade barriers, which economists estimate cost tens of billions of dollars in lost productivity and economic output annually. A key provision of the bill is the recognition of provincial standards for goods, services, and labor certifications as meeting the federal standard, although actual interprovincial movement would require the cooperation of provincial governments. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan