Canada, the United States, and Mexico Have Reached an Agreement on a New and Modern Trade Agreement
Wednesday, May 8, 2019 10:20:00 AM
- Minister Garneau tells Great Lakes Economic Forum that region would benefit from removing trade tariffs and ratifying trade pact.
Canada, the United States, and Mexico have reached an agreement on a new and modern trade agreement. The new North America Free Trade Agreement (NAFTA) will reinforce the strong economic ties between the three countries and support well-paying middle-class jobs for Canadians.
The Honourable Marc Garneau, Minister of Transport and Chair of the Cabinet Committee on Canada-United States Relations, Trade Diversification and Internal Trade, today was in Cleveland, Ohio, to participate in the Great Lakes Economic Forum, organized by the Council of the Great Lakes Region. The forum covers key issues, such as the future of the Great Lakes auto and aerospace sectors, and regulatory reform and alignment.
"The Great Lakes region exemplifies the close commercial relationship between Canada and the United States. The Great Lakes Economic Forum is a gathering of the collaborative leaders who continue to make investments towards innovation and to improve well-being. Moving forward, the removal of tariffs on Canadian steel and aluminum and the ratification of the new trade agreement would greatly benefit the Great Lakes region."
- The Honourable Marc Garneau, Minister of Transport
While at the forum, Minister Garneau delivered keynote remarks on Canada-United States trade and transportation initiatives. He told leaders from all levels of government, industry, academia, and non-profit sectors that removing tariffs on Canadian steel and aluminum, and ratifying the new trade agreement would bring great benefits to the Great Lakes region.
During his visit, Minister Garneau also engaged with United States elected officials and industry stakeholders on the importance of the Canada-United States relationship.
Later today, Minister Garneau will host a roundtable meeting with Great Lakes region leaders to highlight the significance of Canada-U.S. trade to both our countries' economic growth, advocate for the elimination of Section 232 tariffs on Canadian steel and aluminum, and stress the importance of ratifying the new NAFTA for our mutual prosperity.
- Canada and the United States share the world's longest secure border, over which approximately 400,000 people, and goods and services worth nearly US$2.0 billion, cross daily.
- Canada and the United States have 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.
- Of the 50 U.S. states, 47 of them count Canada as their first, second, or third most important export market.
- The globally competitive regional market created under the original NAFTA in 1994 today accounts for over 489 million consumers and a combined GDP of more than US$23.4 trillion.
- The United States and Mexico are Canada's first- and third-largest merchandise trading partners in the world, respectively.