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Bank of Montreal chief executive Darryl White during the U.S.-Canada Summit in Toronto, Ont., on April 4, 2023. (Credit: Cole Burston\/Bloomberg files) <\/p>\n Bank of Montreal chief executive Darryl White during the U.S.-Canada Summit in Toronto, Ont., on April 4, 2023. (Credit: Cole Burston\/Bloomberg files) <\/p>\n
Canada\u2019s economic ties with the United States<\/a> represent the world\u2019s most successful bilateral relationship that needs to be \u201cpreserved and grown,\u201d Bank of Montreal<\/a> chief executive Darryl White<\/a> said on Tuesday after being included in Prime Minister Mark Carney<\/a>\u2018s new advisory committee on Canada-U.S. economic relations.<\/p>\n The 24-member team will act as a \u201cforum for expertise and strategy\u201d on all aspects of the economic relationship between the two countries, the federal government said, as the review of the Canada-U.S.-Mexico Agreement (CUSMA<\/a>) looms.<\/p>\n \u201cPreserving and growing (Canada-US economic ties) \u2014 while working to give Canadian businesses more options to serve customers around the world \u2014 is the balance that will define Canadian prosperity for a generation,\u201d White said.<\/p>\n Other members of the advisory committee include Canadian National Railway Co. chief executive Tracy Robinson, TC Energy chief executive Fran\u00e7ois Poirier and former federal Conservative leader Erin O\u2019Toole.<\/p>\n Currently, 85 per cent of Canada\u2019s trade with the U.S. is tariff-free as a result of CUSMA and Ottawa wants to hold onto that \u201cunique Canadian advantage,\u201d the government said.<\/p>\n Canadian-U.S. trade has increased by more than 27 per cent, or $196 billion, since CUSMA came into force. The two countries exchanged nearly $3.6 billion in goods and services every day in 2024.<\/p>\n BMO relies on its U.S. segment for more than 40 per cent of its overall earnings.<\/p>\n White, on the bank\u2019s Investor Day in March, said the bank is aiming to improve the return on equity of its U.S. business to 12 per cent from about eight per cent as it tries to boost its overall returns.<\/p>\n