Minister Morneau Takes Canada's Plan for Middle Class Growth to New York and Washington
February 28, 2017 – New York, N.Y. – Department of Finance Canada
Canada and the United States have built one of the most productive, interconnected and enduring economic relationships in the world—one that has led to shared prosperity and a better quality of life for millions of middle class families in both countries.
Finance Minister Bill Morneau began his third visit to the United States in two weeks today at an event hosted by Columbia University's School of International and Public Affairs in New York City. In a wide-ranging discussion on the importance of the Canada-U.S. relationship, the Minister spoke of the millions of middle class families who depend on strong links not just between Ottawa and Washington, but provinces, states and cities like Detroit, Toronto, Calgary, Houston, Montréal and New York.
Canada and the United States enjoy close economic, trade and financial ties that support the most mutually beneficial partnership of any two countries in the world. Minister Morneau spoke of Canada's strong fiscal record—the best among G7 countries—that allows Canada to make the investments necessary to grow our middle class and prepare our economy for the opportunities and challenges ahead. He said Canada is a good partner to have, and reaffirmed that it is in the interest of both countries to continue working together to create long-term opportunities for workers, families and people on both sides of the border, and around the world.
Later today, Minister Morneau will deliver this message in one-on-one meetings with New York-based investors and financial sector representatives, before travelling to Washington, D.C. to meet with his newly appointed counterpart, U.S. Treasury Secretary Steven Mnuchin, to discuss ways to advance our countries' mutual interests.
"Canada has a plan for long-term growth and middle class progress—a plan that includes attracting investment to Canada, and building on our most important economic relationships around the world. Of these, none is more important than the one we enjoy with the United States. It's a partnership that extends from our living rooms, boardrooms and classrooms all the way to Capitol Hill and the White House. As Canada's Finance Minister, I look forward to building on this historic friendship on behalf of all Canadians."
- Bill Morneau, Minister of Finance
- Canada and the United States share a longstanding relationship, bonded through people-to-people ties and a strong trading and investment relationship that includes:
- the largest, two-way, balanced trading relationship in the world, with over CAN$850 billion (nearly US$700 billion) in goods and services traded in 2015;
- most U.S. states counting Canada as their top trading partner;
- a highly integrated manufacturing sector, with products crossing the border several times before final assembly and sale in both countries;
- balanced capital flows, with the U.S. stock of direct investment in Canada totalling CAN$451 billion (US$353 billion) in 2015, nearly half of all foreign direct investment in Canada, and Canadian direct investment into the United States totalling CAN$344 billion (US$269 billion), making Canada one of the main sources of foreign direct investment in the United States.
Media may contact:
Office of the Minister of Finance
Department of Finance Canada