Minister Carr to talk investment and trade diversification at Toronto Global Forum
December 10, 2018 – Ottawa, Ontario – Global Affairs Canada
Helping Canadian businesses of all sizes maximize growth by fully capitalizing on opportunities for trade around the globe is a priority for the Government of Canada. With trade agreements providing unparalleled access to nearly two thirds of the global economy, Canadian enterprises are well placed to tap into new markets, which will lead to more high-quality jobs for middle-class Canadians.
The Honourable Jim Carr, Minister of International Trade Diversification, will travel to Toronto, Ontario, on December 12, 2018, to highlight the investment opportunities created by Canada’s Trade Diversification Strategy. Minister Carr will take part in an armchair discussion at the 12th edition of the Toronto Global Forum on progress being made on trade discussions with Latin America’s Mercosur and the Pacific Alliance.
While in Toronto, the Minister will also highlight the Trade Diversification Strategy, which sets an ambitious target of increasing exports by 50% by 2025. To support businesses of all sizes in that effort, the Government of Canada announced new measures as part of the Fall Economic Statement that will:
- provide resources to small and medium-sized enterprises to help them explore new export opportunities
- enhance trade services for Canadian exporters
- help Canadian innovators add value, succeed and grow their businesses
“With the measures in the Fall Economic Statement, the Government of Canada is giving Canadian businesses the resources they need to fully capitalize on opportunities in high-growth markets. Expanding our partnerships in trade and investment, including with Latin American countries, will allow us to become the most globally connected economy on earth.”
– Jim Carr, Minister of International Trade Diversification
The Trade Diversification Strategy will invest $1.1 billion over the next six years, starting in 2018 to 2019, to help Canadian businesses access new markets.
Canada is currently negotiating a comprehensive, ambitious and inclusive free trade agreement with Mercosur, which includes Argentina, Brazil, Paraguay and Uruguay.
Mercosur is the world’s fourth-largest trading bloc, representing a combined population of 260 million and a GDP of over $3 trillion.
Since 2012, Canada has been an observer of the Pacific Alliance, which includes Chile, Colombia, Mexio and Peru, and is currently negotiating a free trade agreement with the Pacific Alliance.
Canada’s total merchandise trade with the Pacific Alliance countries totalled $50.5 billion in 2017, representing 79% of Canada’s two-way trade with Latin America (excluding the Caribbean).