Mr. Chair and committee members, thank you for the invitation to take part in your study of Bill C-70.

We're an organization representing Canada's most innovative and successful businesses, so I will restrict my comments today to the portion of the bill that has the most direct relevance to the Canadian private sector. That is subclause 34(3), which seeks to amend the Canadian Security Intelligence Service Act to enable CSIS to disclose threat intelligence to stakeholders outside the Government of Canada for the express purpose of increasing their awareness and resiliency against foreign interference.

However, before commenting on this clause, I want to make clear that Canada's business community is broadly supportive of Bill C-70. From the establishment of a foreign influence transparency regime to the creation of updated offences for attacks directed against essential infrastructure, this urgently needed bill will help protect Canadians' lives and livelihoods by providing our government with the tools it needs to better protect our economy and society.

I'll start my substantive remarks by noting that, while the current discussion in Canada surrounding foreign interference has been rightly focused on the integrity of our democratic processes and the safety and security of targeted ethnic and cultural groups, it is important for us all to acknowledge that state actors actively target all aspects of Canadian society to advance their strategic interests. This includes the Canadian economy.

Indeed, in an era of growing geopolitical rivalry, in which supply chains, infrastructure networks and technological innovation increasingly determine strategic advantage, Canadian businesses are often the primary target of our adversaries. This should concern all Canadians. Economic security threats are not abstract, nor do they exist in a vacuum. These threats target the critical infrastructure needed to heat and power our homes. They target the supply chains that provide our families with low-cost medicine and food. They target the intellectual property that creates good jobs and pays our bills. In short, these threats put Canadians' very safety, security and prosperity at risk.

To be sure, Canadian businesses and governments invest billions each year to keep Canadians safe from these and related economic attacks. However, if we want to be truly effective in protecting our way of life, we must replace our independent efforts with collective action. Key to building this partnership is the sharing of threat intelligence. Unlike the domestic security agencies of Canada's Five Eyes partners, such as the United States' FBI or the United Kingdom's MI5—which possess modern authorities that allow them to share detailed threat intelligence with their respective business communities—CSIS is presently prohibited from sharing all but the most generalized information with the Canadian private sector. This represents a significant gap in Canada's defences.

Despite CSIS having both the knowledge and expertise to help companies withstand growing threats, its outdated legislation means Canadian businesses are left fending for themselves. It is for this reason that the Business Council strongly supports subclause 34(3).

With new threat-sharing authorities, CSIS could communicate more specific and tangible information with Canadian companies. This would give business leaders a clear understanding of the growing threat and the protective measures that could be taken to better safeguard their employees and customers, as well as the communities in which they operate.

The use of these new authorities could also benefit the Government of Canada by helping CSIS build greater trust with the Canadian private sector. This would encourage Canadian business leaders to share more with Ottawa about the threats they're seeing on the ground, which would better inform government policy as well as improve CSIS's ability to respond to emerging threats.

Of course, the granting of any new authorities must be consistent with the values we share in our democratic society, including respect for individuals' rights and freedoms. On this front, we are very pleased to see that the Government of Canada has incorporated rigorous standards and safeguards into subclause 34(3), such as those ensuring that individual disclosures protect Canadians' privacy interests.

Before concluding, I want to stress the need for urgency. The Business Council of Canada agrees with many lawmakers that the protections contained within Bill C-70 must be put in place before the next general election. The preservation of our democratic system is of utmost importance.

However, I will add that, when it comes to strengthening the resiliency of our economy, Canada is falling well behind our allies. This exposes everyday Canadians to unnecessary risks. By failing to move in lockstep with our closest allies, we risk being perceived as a weak link. This could jeopardize our country's relationship with our closest allies, especially the United States, at a pivotal moment when the global order is being reshaped and partnerships matter most.

I'll conclude by noting that Bill C-70 is just one of many economic security reforms that must be undertaken urgently to protect Canadians. As a priority, the Business Council urges the Government of Canada to complement subclause 34(3) with a formalized threat exchange to securely receive and disseminate Bill C-70's threat intelligence broadly across the Canadian economy. This and nearly 40 other much-needed reforms are included in the Business Council's recent report, “Economic Security is National Security”. That report is available on our website.

Thank you for the opportunity to speak. I look forward to your questions.