OWIT-Toronto was pleased to present its annual Summer Trade Social, hosted by Scotiabank on June 17, welcoming members and guests from across the international trade and business community to connect and share insights through high-quality networking.
A highlight of the event was a presentation by Mitch Villeneuve, Director of Economic Policy at Scotiabank, who discussed changing global trade flows amid ongoing U.S. tariff announcements and supply chain disruptions. He noted that trade shocks have become a fact of life, with businesses adapting to ongoing uncertainty even as tariff pressures have eased. While Canada continues to benefit from CUSMA – ensuring 90% of U.S.-bound trade remains tariff-free – sectors like steel and aluminum are facing declines. Among more positive developments, Canada’s services sector remains largely insulated from tariffs, alongside a 34% increase in Canada–Mexico trade since 2024.
Looking towards the CUSMA joint review, Villeneuve expects current exemptions to continue, despite the possibility of more tariffs in certain sectors. The reconfiguration of global trade routes and growing interest in Canada creates opportunities for Canadian SMEs to build new connections and expand into alternative markets. Reducing interprovincial trade barriers will also help to boost the domestic economy.
The evening also spotlighted a new partnership between OWIT and the Forum for International Trade Training (FITT). It will support women and diverse professionals in international trade through professional development opportunities and collaborative programming.
Reps from a number of other OWIT partner organizations and government agencies attended, including Canadian Women in Food, the Brazil-Canada Chamber of Commerce, the Sound of C, the Toronto Hispanic Chamber of Commerce, the City of Toronto, Global Affairs Canada and the Ontario government, which expanded the networking opportunities for everyone!
We extend a special thank you to sponsor Scotiabank for hosting us and to Canadian Women in Food for its donation of a food package door prize. Scotiabank is committed to supporting women entrepreneurs through the Scotiabank Women Initiative, which combines financial products, advisory services, and advocacy. The initiative takes a country-by-country approach, recognizing that the needs of women business owners are similar but different across geographies, and is further localizing its offerings for varying markets and contexts.
OWIT-Toronto looks forward to deepening collaboration with our many partners that empowers women and promotes inclusive trade.
