The CEO of Bank of Montreal BMO said there is no room for complacency or slack in the business relations between Canada and the United States as the bank is involved in hosting a conference focusing on the key issues facing both countries.

Darryl White stated that although both sides recognize the importance of bilateral relations, they still require investment and cannot be taken for granted.

His comments come as Bank of Montreal BMO and the Eurasia Group are jointly hosting the U.S.-Canada summit in Toronto today, which will cover areas such as security, technology, and energy, in addition to trade.

The event is attended by a mix of business leaders and governors from Illinois, Minnesota, and Alaska, as well as regional and federal politicians.

The conference comes as the U.S. presidential elections approach this fall, while Canadian elections are expected to be held in less than a year, and the North American Free Trade Agreement is set for renewal in 2026.

While this may seem like a long timeline, White says it is practically tomorrow in his world.

He notes that companies are definitely trying to gauge potential implications and manipulate scenarios, but much will not be known until after the elections.

White said in an interview: "It is an extremely interesting time for the relationship between the United States and Canada in the context of those potentially influential pieces."

This is the second year the bank has participated in hosting the summit. Last year focused more on recession fears that have largely not materialized, while this year is more centered on the elections.

The 2023 event has also seen a more prominent position for climate change on the agenda, including climate scientist Catherine Hayhoe and former Minister of Climate Change Catherine McKenna as speakers, while this year's energy transformation panel includes the CEOs of Enbridge and Dow.

White stated that climate issues will be pervasive this year, even if they do not appear as prominently on the agenda.

He emphasized that he hopes the summit will generally encourage discussions that invest in the critical partnership between the two countries.

"As in our lives, in business, and in bilateral trade, the best relationships require continued attention."