State of Trade Issue 4: Harper Government’s Trade Leadership Helps Fuel Canadian Economy
Trade with NAFTA partners continues to bring jobs, opportunities and prosperity to Canadians, says Minister Fast
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.
“Our government is focused on the real priorities of Canadians: creating new jobs and new opportunities,” said Minister Fast. “We know that free trade is the engine of our economy. That’s why we continue to open new markets for Canadian exporters and strengthen our existing relationships, such as those with our key NAFTA partners.”
The State of Trade report outlines the significant positive impact that free trade agreements such as NAFTA continue to have on Canada’s economy. Under NAFTA, Mexico—a priority market under Canada’s Global Markets Action Plan—is becoming more strongly integrated into North American value chains each year. In 2012, Canada’s merchandise exports to Mexico reached $5.4 billion, making it our fifth-largest export destination. And 2012 also marked the third consecutive year of significant growth in Canadian exports of canola seeds to Mexico (up $120 million); canola seeds remained Canada’s top export commodity to Mexico. In addition, Canadian exports of vehicles to Mexico expanded by $135 million while exports of mechanical machinery grew by $58 million and those of iron and steel grew by $65 million.
Following the historic Canada-U.S. free trade agreement, NAFTA came into effect on January 1, 1994. Since its inception, NAFTA has generated economic growth and rising standards of living for the people of all three member countries. By strengthening the rules and procedures governing trade and investment throughout the continent, NAFTA has proved to be a solid foundation for building Canada’s future prosperity.
Canada’s State of Trade: Trade and Investment Update was released on December 27, 2013. It provides an annual overview of recent 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 of 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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