Joint Study on the Possibility of a Canada-Japan Economic Partnership Agreement
On February 23, 2011, the Honourable Peter Van Loan, Minister of International Trade, announced the launch of a Joint Study to examine the potential for an Economic Partnership Agreement with Japan (see News Release).
Economic ties have formed a cornerstone of the Canada-Japan relationship, and both countries have recognized the importance of continuing to focus on bilateral economic relations to ensure that the relationship reaches its full potential. Beginning on February 26, 2011, the Government of Canada has embarked on a comprehensive consultation process with the Canadian public, provinces and territories, businesses and non-governmental organizations to seek input on a potential free trade initiative with Japan (see Canada Gazette).
Background
Under Canada’s Global Commerce Strategy, the government is working to advance Canada’s trade interests by opening up new opportuntities for Canadian exporters, investors, and innovators. The strategy includes an aggressive trade negotiation agenda, aimed at securing competitive terms of access in markets that offer significant potential for our products and expertise.
Japan is the world’s third largest economy and Canada’s largest source of job-creating investment from Asia. It is also Canada’s fourth-largest merchandise export market, with exports totalling almost $9.2 billion in 2010 – an increase of more than 10 percent over 2009. Total merchandise trade in 2010 stood at approximately $22.6 billion.
In October 2007, Canada and Japan released a Joint Study on the Benefits and Costs of further Promotion of Bilateral Trade and Investment (HTML | PDF, 644 KB), covering the overall economic relationship between the two countries. At the time, both countries agreed to revisit the idea of pursuing a free trade agreement in the future. As a priority market in the Global Commerce Strategy, the Government of Canada has continuously advocated for a closer economic partnership with Japan.
In November 2010, the Japanese Cabinet put forward a “Basic Policy on Comprehensive Economic Partnerships,” which proposes changes to Japan’s approach to trade negotiations and agricultural policies. Following the release of the Basic Policy, bilateral meetings of prime ministers and ministers took place at the November 2010 APEC Summit. At these meetings, Canada and Japan agreed to consider deepening economic ties. Canada and Japan are now moving forward with a Joint Study on the Possibility of a Canada-Japan Economic Partnership Agreement.
Consultations
Domestic consultations on the Canada-Japan Joint Study were launched on February 26, 2011 with the publication of a Canada Gazette notice. In particular, the Canadian government is seeking views from provincial and territorial representatives and key stakeholders, including members of the business community, to help identify opportunities and challenges in the Japanese market as well as barriers that limit the expansion of bilateral trade and investment with Japan. Submissions under the Canada Gazette notice are requested by March 26, 2011. For more information, please see the following web site: Consultations on Possible Negotiations for a Comprehensive Economic Partnership Agreement with Japan.
Contact Point
If you have questions or comments about this initiative, we would like to hear from you. Please contact Foreign Affairs & International Trade Canada at:
Canada-Japan Joint Study
Trade Negotiations I Division (TPE)
Foreign Affairs and International Trade Canada
Lester B. Pearson Building
125 Sussex Drive
Ottawa, Ontario, K1A 0G2
Fax: 613-944-0757
E-mail : consultations@international.gc.ca
