British Columbians would be much better off if the provincial and federal governments had brought the same commitment to reaching treaties with B.C. First Nations as they did to getting ready for the 2010 Olympics.

Treaty agreements are more complex than building Games venues or preparing security plans.

But, based on two reports from PriceWaterhouseCoopers, the economic return from a more successful treaty process would be much greater.

The Games are likely to return a total benefit of $2 billion to $4.2 billion over 18 years, according to a 2002 analysis done for the government. PWC did an update, released this month, that found the tourism benefits have fallen below expectations. Still, a mid-range forecast of $3 billion in increased economic activity appears reasonable.

PriceWaterhouseCoopers was also hired by the B.C. Treaty Commission to do an analysis of the economic benefits of reaching treaties.

Concluding agreements with all 60 First Nations in the process by 2025 would mean an extra $6.4 billion in economic activity, the firm found. That's twice the likely incremental economic activity from the Games. And the gain is after the costs of settling the treaties.

Even slower progress -- just two treaties a year for the next 15 years -- would deliver a $3.2-billion boost to the provincial economy, again, in addition to the costs involved in concluding the treaties.

The study confirmed that the lack of treaties makes the province a more difficult, expensive place to invest. A company might see opportunity, but it would find the rules governing economic activity in much of the province so uncertain as to be non-existent.

The provincial government has regulations. On land claimed during negotiations, consultation with First Nations is also required. But no government -- First Nations, federal, provincial -- can say with certainty what's required before development goes ahead. Years of work and millions of dollars can be for naught. It is a great barrier to investment and jobs in the province.

That is a powerful argument for treaties, even for those who do not accept the legal and moral obligation to pay for land taken without compensation or agreement.

The treaty process has been expensive and discouraging. The B.C. Treaty Commission was established in 1992, with representatives from federal, provincial and First Nations governments. The hope was that all agreements would be reached by 2000.

Seventeen years later, there are just two final treaties in place. The costs, for all three parties, have climbed well over $1 billion. Aboriginal communities still lag far behind the general population by any measure.

But reaching treaties remains critical for First Nations and the province. The PriceWaterhouseCoopers report notes that, based on the agreements reached so far, concluding all agreements by 2025 would bring First Nations benefits of some $10.3 billion, plus significant land holdings. Even after the cost of those settlements, the provincial economy would net $6.4 billion in increased activity.

The process is difficult. But hosting the Olympics was also a significant challenge.

Reaching treaties would convey much greater benefits than the Games. Not just for First Nations, or in terms of basic fairness. There would also be measurable increased economic activity that could benefit all British Columbians.

The difference appears to be urgency. Chief treaty commissioner Sophie Pierre noted that complacency is sabotaging the treaty effort. The process has become an end itself, and the federal government has been particularly sluggish.

This shouldn't continue. If we can host the Olympics, surely we're capable of reaping the much greater benefits of treaties.