By Ketki Saxena
Investing.com -- Today marks the fourth day of the ongoing labour strike at the ports of British Columba, after negotiations between parties reached a deadlock on Monday.
Negotiations were carried out over the long weekend between representatives from the BC Maritime Employers Association and the International Longshore and Warehouse Union Canada. However, on Monday, a statement was released by the association expressing their belief that further bargaining would not yield an agreement.
The association described union demands as being "beyond any reasonable framework for settlement." On the other side of this dispute, accusations have been made against the employers' association claiming they altered their stance on a crucial issue at the eleventh hour in an attempt to "muddy waters."
Over 7,000 port workers responsible for loading and unloading cargo across more than thirty B.C. ports have been striking since Saturday morning.
This strike has far-reaching implications for Canada's economy - concerns echoed by Matthew Holmes, Senior Vice-President of Policy and Government Relations with the Canadian Chamber of Commerce.
“A quarter of our goods move through these ports on the West Coast and so this will touch every aspect of our economy. This will fuel inflation, this will increase costs for Canadian families and businesses, and it will inflict serious damage on the Canadian economy,” Holmes commented in an interview to City News.
.Holmes estimates that around $800 million worth goods are moved via B.C.'s ports daily which means if this strike lasts for a week then potential losses could amount up to approximately $5.5 billion.
“That’s bigger than the annual amount the government wants to spend on the new Canadian dental care plan. It’s a significant number and we need to see the government take it seriously"