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

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.

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.