Minister Morneau Hosts Roundtable on the Economic Implications of the North American Free Trade Agreement Modernization
October 6, 2017 – Toronto, Ontario – Department of Finance Canada
The Government of Canada is committed to a progressive trade agenda and a modernized North American Free Trade Agreement (NAFTA) to create jobs and opportunities for the middle class and those working hard to join it.
As part of these efforts, Finance Minister Bill Morneau today hosted a roundtable in Toronto with business leaders, economists and industry representatives to discuss the broader economic implications of modernizing NAFTA.
Negotiations for a modernized NAFTA started on August 16, 2017. The fourth round of negotiations will be held from October 11 to 15, 2017. The Government of Canada is consulting broadly with Canadians on an ongoing basis to inform its positions and proposals, as well as its objectives and approach, in renegotiating NAFTA.
During the roundtable, Minister Morneau highlighted the importance of free and open trade, and ensuring an updated NAFTA that will strengthen North America as a region and help Canadian businesses become more competitive in today’s international context.
“Our Government’s overarching objectives are clear: protect NAFTA’s record as an engine of job creation and economic growth; make NAFTA more progressive; and uphold the elements in NAFTA that are key to our national economic interest. These negotiations are also a valuable opportunity to cut red tape and promote regulatory cooperation, to the benefit of our businesses.”
- Bill Morneau, Minister of Finance
- In 1993, trilateral trade within the North American region was USD$289 billion. In 2016, trilateral trade reached USD$1 trillion—nearly a fourfold increase.
- Canada and the United States share one of the largest trading relationships in the world. Bilateral trade between the two countries was valued at nearly $882 billion in 2016, and Canada is the largest secure supplier of energy to the U.S.
- The two countries share the longest, secure border in the world, over which 400,000 people and $2.4 billion worth of goods and services cross daily.
- Canada is the number one export destination for most American states, and cross-border trade and investment supports nearly nine million jobs in the United States.
- Canada and Mexico are among each other’s largest two-way trading partners, and bilateral trade between the two countries, valued at over $40 billion in 2016, continues to grow annually.
Media may contact:
Office of the Minister of Finance
Department of Finance Canada