Goal 1: Increasing Economic Opportunity

Goal 1: Increasing Economic Opportunity

Latin America and the Caribbean is an economically dynamic region that has experienced significant economic growth in the last decade. Increasing commercial and investment ties with the region is supporting and enhancing prosperity and sustainable growth in the Americas.  Sustainable investment and trade are creating opportunities to improve people’s lives.

To build on momentum towards our goal of increasing economic opportunities, Canada is:

  • Strengthening trade and investment especially with Brazil and our Free Trade Agreement partners (Mexico, Colombia, Chile, Peru, Costa Rica and Panama);

  • Expanding and promoting our network of trade and economic agreements;

  • Encouraging opportunities for Canadian participation in public-private partnerships and with international and regional banks;

  • Leveraging Canada’s development assistance to advance sustainable economic growth; and,

  • Sharing Canadian expertise towards supporting responsible and sustainable natural resource management.

Results

Our increased focus has yielded strong results.  We have:

  • Concluded, signed or brought into force more Free Trade Agreements with Latin America and the Caribbean than with the rest of the world combined (seven out of ten);

  • Increased two-way trade between Canada and the region by 32.1% between 2007 and 2012;

  • New or expanded bilateral Air Transport Agreements have been concluded with 17 partners in the region since the introduction of Canada's Blue Sky Policy in 2006; Canada now has air transport agreements with 33 countries in the Americas." 

  • Hosted the 2011 Annual Meeting of the Inter-American Development Bank (IDB), with over 3,000 representatives from government, business and NGOs in attendance;

  • Formed a strong Public-Private Partnership between the Toronto-based company Aecon, the Canadian Commercial Corporation, Export Development Canada and the Municipality of Quito to build the Quito International Airport, launched in February 2013. The Quito airport is one of the few greenfield airports in the world, incorporating world-class technology and being recognized by the UN for environmentally responsible construction;

  • Connected the naval defense industry from our Atlantic provinces to major international buyers by participating in EXPONAVAL. In 2010, Atlantic Canada Opportunities Agency (ACOA) Minister Keith Ashfield successfully led a delegation of 10 defence contractors and suppliers to EXPONAVAL, Latin America’s largest international showcases for the naval defence industry. EXPONAVAL 2010, which took place in Valparaiso (Chile), attracted over 20,000 visitors from around the world with delegations from more than 60 countries and over 150 companies in attendance;

  • Promoted development in the region through the Canadian International Development Agency (CIDA). For example, in Honduras, CIDA has been working to strengthen the capacity of municipalities to provide safe drinking water and effective sanitation services;

  • Helped facilitate, manage and secure trade in Latin America and the Caribbean by improving the capacity of the customs administrations of Guatemala, El Salvador, St. Lucia, Bolivia and Peru, through the support of the Canadian Border Services Agency;

  • Increased commercial and investment ties, with over 500 Canadian companies now active in Brazil.

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