Canadian Labor Minister Seamus O’Regan said negotiators have made progress toward a deal to end a strike by dockworkers at some of Canada’s busiest ports and he’s asked a mediator to get a final agreement done.
The strike, which began July 1, has blocked the flow of goods through major maritime hubs on the Pacific coast, including at the Port of Vancouver and Port of Prince Rupert. The disruption has already hampered the exports of commodities and inbound shipments of manufacturing materials, while fertilizer giant Nutrien Ltd. is curtailing production at a potash mine.
Once the minister receives the terms of settlement, he’ll forward them to the International Longshore & Warehouse Union and the British Columbia Maritime Employers Association, which will then have 24 hours to decide whether to recommend that deal to their members.
Canadian Manufacturers & Exporters, a lobby group, has estimated the strike is disrupting C$500 million ($379 million) of trade per day, but the effects of extended port shutdown would ripple worldwide. Canada is the world’s largest producer of potash, and British Columbia is entering a key season for food exports.
A survey by the Canadian Federation of Independent Business published on Tuesday found that about half of business owners said the strike would affect their operations. Vancouver is also a major conduit for imports of consumer goods from Asia.