Supporting jobs and economic growth in Ontario: Benefits and Opportunities of the United States-Mexico-Canada Agreement
November 15, 2018 – Burlington, Ontario – The United States-Mexico-Canada Agreement (USMCA) is a modernized North American free-trade agreement that is good for Canada and good for Canadians. It is the result of Canada’s resolve at the negotiation table and our focus on getting the job done.
To promote the benefits and opportunities of the USMCA, the Minister of Democratic Institutions, the Honourable Karina Gould, toured Langtry Blast Technologies Inc. – Canada’s premier shot blasting machinery manufacturers operating out of Burlington, Ontario. Minister Gould stressed the importance of the USMCA in providing stability and predictability in trade with our largest market.
The announcement of the United States-Mexico-Canada Agreement, made by Prime Minister Justin Trudeau, was an important step forward for North American trade, reinforcing strong economic ties between the three countries, reaffirming certainty in our long-standing trade relationship, and fostering good, well-paying jobs for Canadians.
Canada is the only G7 country to have trade agreements with all G7 countries. When implemented, the USMCA will help Canadians continue to compete globally and prosper in a healthy, integrated North American economy.
The Government of Canada will continue to engage with our North American partners to finalize the details of an agreement that benefits all Canadians.
“The USMCA is the foundation that reinforces millions of middle-class jobs in North America. It supports Canadian businesses and workers from coast to coast to coast, means continued prosperity for Ontario and for Burlington, and encourages trade and investment.”
– The Minister of Democratic Institutions, the Honourable Karina Gould
The United States-Mexico-Canada Agreement (USMCA) reinforces our important commercial relationship with our North American partners and provides important stability and predictability for Ontario businesses and workers.
For Ontario, USMCA means continued market access security for $179.2 billion in exports to the U.S. and stability for workers that rely on well-paying, export-dependent jobs, including in the auto sector as well as the auto parts, plastic, tire and processed-food industries.
The strengthened USMCA rules of origin for automobiles and auto parts will create opportunities for Canadian parts producers in Ontario to increase sales to North American automakers.
This agreement is good news for the thousands of farmers in Ontario, who together export $11.8 billion to the U.S. market.
The globally competitive regional market created under the original NAFTA in 1994 today accounts for nearly 486 million consumers and a combined GDP of more than US$22 trillion.
In 2017, trilateral trade reached nearly USD $1.1 trillion—a more than threefold increase since 1993.
The United States and Mexico are, respectively, Canada’s first- and third-largest merchandise trading partners in the world.
Canada and the United States share the world’s longest secure border, over which approximately 400,000 people, and goods and services worth $2.4 billion, cross daily.
Canada and the United States share one of the largest trading relationships in the world. Canada is the largest market for the United States–larger than China, Japan and the United Kingdom combined.