Canadian Free Trade Agreement will boost business opportunities and create more jobs
OTTAWA, June 29, 2017 /CNW/ - Middle-class Canadians will benefit from more job and business opportunities when the Canadian Free Trade Agreement takes effect on July 1, the country's 150th anniversary.
This historic agreement will allow Canadians to buy and sell goods, provide services and invest more freely within our own borders, providing more opportunities for Canadian businesses to innovate and create jobs.
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, was responsible for the negotiation of this agreement on behalf of the Government of Canada, ensuring the agreement is modern and ambitious.
The agreement, which was announced in April by federal, provincial and territorial governments, will:
- improve the flow of goods, services and investments across provincial and territorial borders, giving consumers more choice and lower prices;
- commit all governments to reduce the patchwork of rules and regulations that can hinder trade and stifle the growth of Canadian businesses; and
- allow licensed professionals with Canadian credentials to work in different parts of the country.
This agreement is part of the Government's Innovation and Skills Plan, a multi-year strategy to create well-paying jobs for the middle class and those working hard to join it.
Quote
"When the Canadian Free Trade Agreement takes effect on July 1, it will open up trade within Canada in virtually every sector of the economy. This agreement is the most ambitious trade deal ever to cover Canada. With this historic accord, Canadians will have opportunities to expand their businesses across the country, which means more jobs will be created and licensed professionals will be able to work in different parts of the country. That's how free trade leads to a better Canada."
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
Quick facts
- 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 businesses to sell goods and services to governments across the country, opening up a business opportunity worth an estimated $4.7 billion annually to broader competition.
- 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 and transparently excluded.
- Internal trade cushions Canada against the uncertainties of the global economy. Trade within Canada represents about one-fifth of the country's gross domestic product, or $385 billion annually. It also accounts for nearly 40 percent of all provincial and territorial exports.
- The Canadian Free Trade Agreement replaces the existing Agreement on Internal Trade, which has been in place since 1995.
Associated links
Follow Minister Bains on Twitter: @MinisterISED
SOURCE Innovation, Science and Economic Development Canada
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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