State of Trade Issue 3: Increased Trade Provides Clear Benefits to Canadian Economy
Minister Fast underscores substantial benefits of free trade agreements
January 24, 2014 - The Honourable Ed Fast, Minister of International Trade, today highlighted some of the findings from Canada’s State of Trade: Trade and Investment Update 2013, a publication of Foreign Affairs, Trade and Development Canada.
“Increasing our exports and attracting investment grows our economy, creating more jobs and opportunities for hard-working Canadians in every region of our country,” said Minister Fast. “That’s why our government continues to focus on the economy and pursue the most ambitious pro-trade plan to open markets our country has ever seen.”
The State of Trade report outlines the significant positive impact that free trade agreements, such as the Canada-Chile Free Trade Agreement (CCFTA), have on the Canadian economy. Two-way merchandise trade with Chile, a priority market under Canada’s Global Markets Action Plan, has more than tripled since the CCFTA came into force in 1997, and totalled over $2.7 billion in 2011.
Since 2006, Canada has concluded free trade agreements with nine countries: Colombia, the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), Honduras, Jordan, Panama and Peru. In addition to the recent agreement with the European Union, Canada is pursuing trade agreements with more than 25 countries, including large markets such as India, Japan and the countries that comprise the Trans-Pacific Partnership Agreement. Canada has concluded, signed or brought into force foreign investment promotion and protection agreements (FIPAs) with 22 countries since 2006—10 in 2013 alone—and is negotiating many more. Canada currently has 25 FIPAs in force around the world.
Canada’s State of Trade: Trade and Investment Update was released on December 27, 2013. It provides an annual overview of trends in international trade in goods and services. It includes numerous figures and tables detailing Canada’s performance in key markets, reports on trade and investment with NAFTA countries, updates on progress made under other free trade agreements and summaries of Canada’s current and financial accounts with the United States, the European Union, Japan and other trading partners.
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For further information, media representatives may contact:
Office of the Honourable Ed Fast
Minister of International Trade
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