The Chamber of Commerce as the world’s largest business centric organization, with more than 13,000 Chambers around the globe – 25 in the Ukraine alone – was founded to promote peace and prosperity by advancing international trade and the rule of law.
We stand with all Chambers worldwide to emphatically condemn Russia’s breach of international law in the strongest possible terms.
Canada is home to millions of Ukrainian immigrants and those who have roots in Ukraine. It is clear the people of Ukraine have given Canada a leg up in its economic history and will continue to do so indefinitely.
This unprovoked invasion of Ukraine will have significant repercussions on the global supply chains in the weeks and months ahead. Suffice it to say, further disruptions to supply chains is not what the world needs, especially when it is a result of a dictator seeking more power. The disruptions for energy and food are already known, but we can expect to experience deeper disruptions to manufacturing globally across numerous sectors.
Aside from the effects of sanctions, there is a heavy risk that the production of semiconductors, automobiles and medicines may be severely impacted. Ukraine, in recent years, has become a key supplier of essential metals and raw materials into global value chains.
We are confident the Government of Canada will work tirelessly to lessen the impact on Canadian business, but be assured, in a global market environment, disruptions may occur. We, as a Chamber, have called on our government to work with business to identify means to mitigate disruptions and risks associated with the supply chains, and more importantly, to do whatever it takes to end this crisis in Ukraine.
We hold the people of Ukraine in our thoughts and prayers. Their resolve is our resolve, and we remain hopeful governments of the world will do everything possible to stop this tyrannical Russian regime, full stop.