To view this document on the department website, please click on the following link:
http://www.international.gc.ca/media/comm/news-communiques/2014/01/23a.aspx
State of Trade Issue 1: Canada Had Best Performance of G-7 Economies During Global Economic Downturn
Canada's exports are the engine of our economy, says Minister Fast
January 23, 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 that show how Canada has led the way among G-7 countries despite ongoing challenges within the wider global economy.
"Trade and investment are the key pillars to opening new markets for our exporters, which in turn offers exciting opportunities for our world-class businesses and their employees," said Minister Fast. "That's why our government is focused on an ambitious pro-trade plan that aims to ensure that Canadians and their families continue to prosper from international trade and investment."
Trade data show that even as world trade declined in 2012, Canada's economic performance remained solid, making it the best-performing country in the G-7 through the post-crisis recovery in both overall employment growth (up 6 percent) and real GDP growth (up 8.9 percent). Economic activity in Canada increased in all four quarters of 2012, and more than 300,000 new jobs were added, bringing the number of net new jobs created since the global recession in 2008 to nearly over 1 million. In addition, Canada's exports of goods and services expanded even while global trade was stagnant or decreasing.
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 historic 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.
Canada has concluded, signed or brought into force 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 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.
- 30 -
For further information, media representatives may contact:
Rudy Husny
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
Follow us on Twitter: @Canada_Trade
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.
Rudy Husny
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
Follow us on Twitter: @Canada_Trade
January 27, 2014 - The Honourable Ed Fast, Minister of International Trade, today presented some of the findings from Canada’s State of Trade: Trade and Investment Update 2013, a publication of Foreign Affairs, Trade and Development Canada.
“We know that when Canadian businesses succeed abroad, jobs and opportunities are created for hard-working Canadians here at home,” said Minister Fast. “Through our government’s hands-on engagement, our exports to China are at record levels and our world-class Canadian businesses are finding success in key markets across China.”
The State of Trade report highlights some findings on Canada’s increasingly important bilateral trade relationship with China, a priority market under Canada’s Global Markets Action Plan. As in 2011, growth in Canada’s merchandise exports to China (up 15.1 percent) outpaced the growth of Canada’s merchandise imports from China (up 5.3 percent). Canada’s bilateral trade with China continued to increase in 2012, up 7.8 percent to reach $70.1 billion. From 2006 to 2012, Canada’s merchandise exports to China grew 16 percent per year on average.
“Our government is committed to continuing to help our businesses grow their exports to China,” said Minister Fast. “On my many trade missions to that country, I have always advanced Canada’s commercial interests in my meetings with China’s political and business leaders and I will continue to do so because our government knows that when Canadian businesses find success in global markets, jobs and opportunities are created here at home.”
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 historic 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 also 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 with 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 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.
Rudy Husny
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
Follow us on Twitter: @Canada_Trade
January 27, 2014 – The Honourable Ed Fast, Minister of International Trade, today presented some of the findings from Canada’s State of Trade: Trade and Investment Update 2013, a publication of Foreign Affairs, Trade and Development Canada.
“Canada’s close trading relationship with the United States continues to benefit all Canadians, creating and sustaining jobs and contributing to our economy and our prosperity every day,” said Minister Fast. “That’s why we continue to work with our American friends and partners to strengthen this relationship to the benefit of workers and families in both countries.”
In 2012, mineral fuels and oil (primarily crude) remained Canada’s top export to the United States, accounting for $105.8 billion out of $338.7 billion in total merchandise exports, or 31.2 percent. Canada’s exports of automotive products to the United States, the second-largest export category at $58.4 billion, saw the biggest growth in 2012 (up $8.1 billion). The United States, a priority market under Canada’s Global Markets Action Plan, is the destination of nearly three quarters of Canada’s merchandise exports.
“I recently met with U.S. Secretary of Commerce Penny Pritzker to discuss the economic and commercial advances that we have made in the 20 years since NAFTA was implemented and how we can build on that progress to continue growing our economies and creating jobs,” said Minister Fast. “When it comes to the Canada-United States trading relationship—the most successful free trade relationship the world has ever seen—the possibilities truly are endless.”
Following the historic Canada-U.S. free trade agreement, NAFTA came into effect on January 1, 1994. Since then, two-way trade in goods and services between Canada and the United States has more than doubled. In 2012, our bilateral trade in goods and services was $742 billion—equivalent to almost 41 percent of Canada’s GDP. Over 10 million jobs in both countries depend on Canada-U.S. trade—8 million in the United States and 2.4 million in Canada. Canada and the United States are each other’s largest export market. In fact, Canada is the number one foreign market for goods for 38 of the 50 U.S. states.
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.
Rudy Husny
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
Follow us on Twitter: @Canada_Trade
http://www.international.gc.ca/media/comm/news-communiques/2014/01/23a.aspx
State of Trade Issue 1: Canada Had Best Performance of G-7 Economies During Global Economic Downturn
Canada's exports are the engine of our economy, says Minister Fast
January 23, 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 that show how Canada has led the way among G-7 countries despite ongoing challenges within the wider global economy.
"Trade and investment are the key pillars to opening new markets for our exporters, which in turn offers exciting opportunities for our world-class businesses and their employees," said Minister Fast. "That's why our government is focused on an ambitious pro-trade plan that aims to ensure that Canadians and their families continue to prosper from international trade and investment."
Trade data show that even as world trade declined in 2012, Canada's economic performance remained solid, making it the best-performing country in the G-7 through the post-crisis recovery in both overall employment growth (up 6 percent) and real GDP growth (up 8.9 percent). Economic activity in Canada increased in all four quarters of 2012, and more than 300,000 new jobs were added, bringing the number of net new jobs created since the global recession in 2008 to nearly over 1 million. In addition, Canada's exports of goods and services expanded even while global trade was stagnant or decreasing.
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 historic 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.
Canada has concluded, signed or brought into force 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 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.
- 30 -
For further information, media representatives may contact:
Rudy Husny
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
Follow us on Twitter: @Canada_Trade
To view this document on the department website, please click on the following link:
http://www.international.gc.ca/media/comm/news-communiques/2014/01/23b.aspx
January 23, 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's top priority is the economy and creating jobs and opportunities for hard-working Canadians and their families," said Minister Fast. "We know that trade and investment are the twin engines of growth for both the Canadian and global economies. Our leadership role on the world stage for free and open trade is backed by an economic and trade performance that shows that Canada truly is a global champion of trade."
According to the State of Trade report, Canada's total exports of goods and services around the world expanded while global trade stagnated. Data also show that $1.13 trillion worth of Canadian goods and services were traded in 2012, a new record high in this country. Canada rose from 13th to 12th place in the ranking of the world's leading exporters of merchandise, with $455 billion in total exports. The passenger-cars category contributed the largest overall change to Canada's trade balance in 2012 (up $4.9 billion) and also generated Canada's second-largest surplus ($21 billion). In 2012, Canada's exports of passenger cars jumped 19.1 percent and exports of motor-vehicle parts increased 9 percent.
In services exports, Canada went up one position from 18th to 17th place, while greater imports improved the country's global ranking from 12th to 11th.
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 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.
Rudy Husny
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
Follow us on Twitter: @Canada_Trade
To view this document on the department website, please click on the following link:
http://www.international.gc.ca/media/comm/news-communiques/2014/01/24b.aspx?lang=eng
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.
Rudy Husny
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
Follow us on Twitter: @Canada_Trade
To view this document on the department website, please click on the following link: http://www.international.gc.ca/media/comm/news-communiques/2014/01/24c.aspx?lang=eng
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 http://www.international.gc.ca/media/comm/news-communiques/2014/01/23b.aspx
State of Trade Issue 2: Canada Takes Leadership Role in World Export Markets
Canada's growing exports confirm its status as a global trade champion, says Minister FastJanuary 23, 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's top priority is the economy and creating jobs and opportunities for hard-working Canadians and their families," said Minister Fast. "We know that trade and investment are the twin engines of growth for both the Canadian and global economies. Our leadership role on the world stage for free and open trade is backed by an economic and trade performance that shows that Canada truly is a global champion of trade."
According to the State of Trade report, Canada's total exports of goods and services around the world expanded while global trade stagnated. Data also show that $1.13 trillion worth of Canadian goods and services were traded in 2012, a new record high in this country. Canada rose from 13th to 12th place in the ranking of the world's leading exporters of merchandise, with $455 billion in total exports. The passenger-cars category contributed the largest overall change to Canada's trade balance in 2012 (up $4.9 billion) and also generated Canada's second-largest surplus ($21 billion). In 2012, Canada's exports of passenger cars jumped 19.1 percent and exports of motor-vehicle parts increased 9 percent.
In services exports, Canada went up one position from 18th to 17th place, while greater imports improved the country's global ranking from 12th to 11th.
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 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.
- 30 -
For further information, media representatives may contact:Rudy Husny
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
Follow us on Twitter: @Canada_Trade
To view this document on the department website, please click on the following link:
http://www.international.gc.ca/media/comm/news-communiques/2014/01/24b.aspx?lang=eng
State of Trade Issue 3: Increased Trade Provides Clear Benefits to Canadian Economy
Minister Fast underscores substantial benefits of free trade agreementsJanuary 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.
- 30 -
For further information, media representatives may contact:Rudy Husny
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
Follow us on Twitter: @Canada_Trade
To view this document on the department website, please click on the following link: http://www.international.gc.ca/media/comm/news-communiques/2014/01/24c.aspx?lang=eng
State of Trade Issue 4: Harper Government’s Trade Leadership Helps Fuel Canadian Economy
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.
- 30 -
For further information, media representatives may contact:Rudy Husny
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
Follow us on Twitter: @Canada_Trade
To view this document on the department website, please click on the following link:
State of Trade Issue 5: Canadian Companies Continue to Benefit from Increased Bilateral Trade
Canadian exports to China have reached record levels thanks to the Harper government’s focus on opening new marketsJanuary 27, 2014 - The Honourable Ed Fast, Minister of International Trade, today presented some of the findings from Canada’s State of Trade: Trade and Investment Update 2013, a publication of Foreign Affairs, Trade and Development Canada.
“We know that when Canadian businesses succeed abroad, jobs and opportunities are created for hard-working Canadians here at home,” said Minister Fast. “Through our government’s hands-on engagement, our exports to China are at record levels and our world-class Canadian businesses are finding success in key markets across China.”
The State of Trade report highlights some findings on Canada’s increasingly important bilateral trade relationship with China, a priority market under Canada’s Global Markets Action Plan. As in 2011, growth in Canada’s merchandise exports to China (up 15.1 percent) outpaced the growth of Canada’s merchandise imports from China (up 5.3 percent). Canada’s bilateral trade with China continued to increase in 2012, up 7.8 percent to reach $70.1 billion. From 2006 to 2012, Canada’s merchandise exports to China grew 16 percent per year on average.
“Our government is committed to continuing to help our businesses grow their exports to China,” said Minister Fast. “On my many trade missions to that country, I have always advanced Canada’s commercial interests in my meetings with China’s political and business leaders and I will continue to do so because our government knows that when Canadian businesses find success in global markets, jobs and opportunities are created here at home.”
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 historic 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 also 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 with 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 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.
- 30 -
For further information, media representatives may contact:Rudy Husny
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
Follow us on Twitter: @Canada_Trade
To view this document on the department website, please click on the following link:
http://www.international.gc.ca/media/comm/news-communiques/2014/01/27b.aspx?lang=engState of Trade Issue 6: The Greatest Trade Relationship in the World Continues to Benefit Canadian Economy
Canada-U.S. trading relationship stronger than ever, says Minister FastJanuary 27, 2014 – The Honourable Ed Fast, Minister of International Trade, today presented some of the findings from Canada’s State of Trade: Trade and Investment Update 2013, a publication of Foreign Affairs, Trade and Development Canada.
“Canada’s close trading relationship with the United States continues to benefit all Canadians, creating and sustaining jobs and contributing to our economy and our prosperity every day,” said Minister Fast. “That’s why we continue to work with our American friends and partners to strengthen this relationship to the benefit of workers and families in both countries.”
In 2012, mineral fuels and oil (primarily crude) remained Canada’s top export to the United States, accounting for $105.8 billion out of $338.7 billion in total merchandise exports, or 31.2 percent. Canada’s exports of automotive products to the United States, the second-largest export category at $58.4 billion, saw the biggest growth in 2012 (up $8.1 billion). The United States, a priority market under Canada’s Global Markets Action Plan, is the destination of nearly three quarters of Canada’s merchandise exports.
“I recently met with U.S. Secretary of Commerce Penny Pritzker to discuss the economic and commercial advances that we have made in the 20 years since NAFTA was implemented and how we can build on that progress to continue growing our economies and creating jobs,” said Minister Fast. “When it comes to the Canada-United States trading relationship—the most successful free trade relationship the world has ever seen—the possibilities truly are endless.”
Following the historic Canada-U.S. free trade agreement, NAFTA came into effect on January 1, 1994. Since then, two-way trade in goods and services between Canada and the United States has more than doubled. In 2012, our bilateral trade in goods and services was $742 billion—equivalent to almost 41 percent of Canada’s GDP. Over 10 million jobs in both countries depend on Canada-U.S. trade—8 million in the United States and 2.4 million in Canada. Canada and the United States are each other’s largest export market. In fact, Canada is the number one foreign market for goods for 38 of the 50 U.S. states.
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.
- 30 -
For further information, media representatives may contact:Rudy Husny
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
Follow us on Twitter: @Canada_Trade
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