There is no question that additional funding will be necessary to ensure this strategy can proceed. It is estimated that the project will require approximately $50,000 per year over the next 10 years. That would be only a first phase as commercial legislation will always be in need of revision.
This money will be used to fund scholarly research, consultation and project management in key areas as directed by the ULCC and supported by government and stakeholders in the legal and business community. The project will require financial, volunteer and in-kind support from governments, law commissions, the academic, legal and the business community to achieve the intended result.
It is not as widely appreciated as it should be that the volume of trade between the provinces and territories of Canada actually exceeds the volume of trade between Canada and the outside world. Yet, while Canada has signed many conventions and treaties designed to harmonize the rules of international trade, and to improve the flow of international commerce, these international developments have not always been matched by comparable progress at the domestic level. The federal and provincial governments have recognized this by signing the Agreement on Internal Trade. The AIT is designed both to dismantle existing interprovincial barriers to trade to encourage the adopting of uniform provincial legislation.
The proposed commercial law framework for Canada represents an important departure for the reform of Canadian commercial law. It postulates that, in order to have a coherent legislative framework, a national vision is required. This vision should respond to those needs within the Canadian economy - that a legislative framework be predictable, responsive and efficient. It should address the practical problems that create legal barriers to trans-Canada and international commercial relations.
It is argued that the recommended framework will significantly contribute to meeting the needs of predictability, responsiveness and efficiency. This framework identifies key elements that address these practical problems. It sets in place broad priorities for commercial law reform over the next decade. The strategy requires that political leaders and key stakeholders in the business, academic, consumer and legal communities support this enterprise in order for it to have any hope for success. It challenges the ULCC to act in a leadership role to task and secure funding for this important work.