New York City, November 16, 2012
Archived - Challenges and Resilience: Canada’s Economic Performance in the Global Economy
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The Honourable Jim Flaherty, Minister of Finance, spoke today to the Foreign Policy Association in New York City about the need for decisive action to address fiscal challenges while supporting job creation and economic growth.
“As we can see from the headlines every day, there are perils sweeping the economic world and lurking on the horizon,” said Minister Flaherty. “They are a constant reminder that our work responding to an unprecedented global economic crisis is not over.”
In his address, Minister Flaherty also noted the importance of trade and investment between Canada and the United States. In 2011, bilateral trade between the two countries reached over $715 billion, representing almost $2 billion worth of goods and services crossing the border every day. One in seven Canadian jobs depends on trade with the U.S. and over 8 million U.S. jobs depend on trade with Canada. The United States is the largest foreign investor in Canada, with U.S. investors holding 54 per cent, or $326.1 billion, of Canada’s total inward investment stock in 2011. Canada is the sixth largest investor in the United States, with investments totalling $208.6 billion in 2011.
“These numbers speak for themselves,” said Minister Flaherty. “And they underpin our Government’s ongoing efforts to deepen and broaden our economic relationship with the U.S. To this day, our countries are one of the greatest examples of the mutual benefits of free trade.”While in New York City, Minister Flaherty also met with Canadian and U.S. investors, and economic and financial leaders.
For further information, media may contact:
Office of the Minister of Finance
Department of Finance