Local business leaders applaud Ottawa's move to intervene in B.C. port strike

VANCOUVER -

After nearly two weeks of failed negotiations, Federal Labour Minister Seamus O'Regan is intervening in the B.C. port worker’s strike that’s crippling the country’s economy.

The job action has shut down all ports in the province including Vancouver, the busiest port in Canada.

The minister has given a federal mediator until 5 p.m. Wednesday to send him recommended terms to end the strike.

Once O’Regan has received the terms from the mediator, he will forward them to both sides. They’ll then have until 5 p.m. Thursday to decide whether to ratify the deal.

The local business community says while it’s a promising first step, there’s no guarantee of a quick resolution.

“As of 10:30 this morning, we estimate that $8.9 billion in trade has been disrupted due to the labor disruption at our ports. It’s fueling inflation and rising costs, it's hurting our international reputation as a stable and secure trading partner,” said Bridgitte Anderson, president and CEO of the Greater Vancouver Board of Trade.

The board launched a live “Port Shutdown Calculator” estimation tool Wednesday morning to illustrate the significant impact of the labour disruption on Canada’s west coast ports.

The dispute is impacting various industries nationwide, including manufacturing, retail, agriculture, critical minerals, automotive dealers and energy.

Approximately 25 per cent of the nation’s total traded goods flow through the ports in Western Canada.

7,400 members of the International Longshore and Warehouse Union Canada have been on strike since July 1st, halting cargo in and out of 30 ports in B.C.

“Close to 90 per cent of B.C. small businesses say that it is time to end this strike and that’s why we're calling for urgent action from the federal government to use all tools available at their disposal, including back to work legislation,” said Annie Dormuth, provincial affairs director of B.C. and Alberta for the Canadian Federation of Independent Business.

The workers say they're fighting for protections against contracting out and automation, as well as pushing for higher wages.

Both the union and the employer declined to comment to CTV News while the mediating process is underway.

The strike is having a ripple effect on nearly every sector, even worsening B.C.’s housing crisis.

"The delay on raw materials -- whether it's steel for rebar, whether it's component parts, whether it's hard goods -- will delay construction schedules, will delay delivery of industrial, commercial and residential residences, will result in, probably, higher costs to renters, higher costs to those looking to purchase," Fiona Famulak, president and CEO of the BC Chamber of Commerce

It’s estimated that 63,000 shipping containers are currently waiting on the water right now to be unloaded.