On Tuesday October 12, the Deputy Prime Minister and Minister of Finance of Canada, the Honourable Chrystia Freeland, held a bilateral meeting in Washington, D.C., with the United States Secretary of the Treasury, Janet Yellen.
Both the Deputy Prime Minister and the Secretary noted the close ties and friendship between Canada and the United States.
They welcomed the once-in-a-generation agreement on the two-pillar approach to international tax reform agreed on October 8 by 136 countries in the OECD-G20 Inclusive Framework on Base Erosion and Profit Shifting.
The Deputy Prime Minister (left in photo) and Secretary underscored how this historic agreement will end the race to the bottom in international taxation and how it is a win for middle class workers and for businesses in Canada and the United States.
The Deputy Prime Minister highlighted how Canada and the United States have worked very closely to make this international agreement possible. Canada’s strong preference is for a multilateral agreement, and the Deputy Prime Minister shared Canada’s plan to transition from the Digital Services Tax to the OECD-level agreement.
The Deputy Prime Minister and the Secretary also discussed climate action and carbon border adjustments; the unequal impact the pandemic has had on certain people, particularly women, and the need for early learning and child care; electric vehicle incentives; as well as “Buy America” and how Canada-U.S. trade is mutually beneficial.
The Deputy Prime Minister and the Secretary agreed to continue collaboration on these and other shared priorities.
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