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Canada must streamline its rules and regulations for the oil and gas sector or risk falling behind the rest of the world, the head of an industry association says.

Firms have sold holdings in Alberta’s oilsands and invested in such countries as Brazil and Iran because they expect better returns, while the United States is relaxing laws and cutting taxes to boost the energy field, said Tim McMillan, president of the Canadian Association of Petroleum Producers.

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While the industry’s global spending is expected to rise by five per cent to nine per cent this year, it’s likely to decrease about one per cent in Canada to $43 billion, down from $81 billion in 2014 before oil prices dropped, McMillan told an Edmonton Chamber of Commerce meeting Wednesday.

“In Canada today we have between 40 and 50 regulatory, legislative and policy issues that we’re working on, and a substantial number of important issues that will have an affect on our competitiveness and how we do our business,” he said.