Historic trade accord strengthens Canada's economic union
Apr 07, 2017, 13:00 ET
Canadian Free Trade Agreement will boost business opportunities and create more jobs
TORONTO, April 7, 2017 /CNW/ - Canadians will buy and sell more freely within our own country with the launch of the Canadian Free Trade Agreement, which will create job opportunities for the middle class.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, along with provincial and territorial counterparts, released the text of the new trade agreement, which takes effect on July 1st, Canada's 150th anniversary.
By improving the flow of goods, services and investments across provincial and territorial borders, this agreement will give consumers more choice and lower prices, making it easier for Canadians to enjoy the best of what this country has to offer.
The agreement commits all governments to reducing the patchwork of rules and regulations that can stifle growth. Opportunities will increase for businesses of all sizes to innovate and expand at home so that they are better equipped to compete globally.
The agreement will allow licensed professionals with Canadian credentials to work in different parts of the country. Carpenters, welders and plumbers, among others, will benefit from more job opportunities as a result.
This agreement is the result of a strong, collaborative effort among the Government of Canada, the provinces and the territories. The Government of Canada took a lead role in ensuring that the agreement is modern and ambitious enough for Canadian businesses to compete globally.
"The Canadian Free Trade Agreement will bring real benefits to Canadians. Companies will find it easier and less costly to sell their goods and services across the country, which means Canadians can expect more choice and pay less for what they buy. More open markets and less red tape mean Canadian businesses can grow and compete globally. And as these companies grow, they will create more middle-class jobs for Canadians."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
- The agreement contains a number of historic firsts:
- It opens up trade within Canada in virtually every sector of the economy, making it the most ambitious trade deal to cover Canada's home market.
- It enables Canadian companies operating in regulated professions, such as engineering and architecture, to compete for opportunities to supply their products and services to governments across the country.
- It enables suppliers to most publicly owned energy utilities to bid for government contracts in many parts of the country, creating a brand new business opportunity worth an estimated $4.7 billion annually.
- It establishes a process to enhance trade in beer, wine and spirits among provinces and territories.
- Rules in the Canadian Free Trade Agreement will automatically apply to all of the country's economic activity unless something is specifically excluded.
- Trade within Canada represents about one-fifth of Canada's GDP, or $385 billion annually. It also accounts for nearly 40 percent of all provincial and territorial exports.
- The Canadian Free Trade Agreement will replace the existing Agreement on Internal Trade, which has been in place since 1995.
Follow Minister Bains on Twitter: @MinisterISED
SOURCE Innovation, Science and Economic Development Canada
For further information: Karl W. Sasseville, Press Secretary, Office of the Minister of Innovation, Science and Economic Development, 343-291-2500; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]
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