Tuesday, 15/10/2019 | 10:11 UTC+0
Libyan Newswire

Benefits of Historic Trade Achievements for Northwest Territories in 2014

Under Canada’s Global Markets Action Plan (GMAP), the government’s pro-export, pro-jobs plan, new markets around the world have been opened for Northwest Territories exports. These historic trade achievements will benefit hard-working Canadians in the Northwest Territories and throughout Canada.

In just one year, the government has delivered on its GMAP commitment to eliminate tariffs and support Canadian companies, especially small and medium-sized enterprises (SMEs), and to boost exports, including through:

  • the conclusion of negotiations and release of the complete text of the historic Canada-European Union trade agreement. The agreement will eliminate tariffs on virtually all of Northwest Territories’ exports. For example, the Northwest Territories exported an average of $1.6 billion annually in metal and mineral products to the EU between 2011 and 2013. Exports of metals to the EU face tariffs up to 10 percent. Upon entry into force, CETA will eliminate existing EU tariffs on metal and mineral products, making them more competitive and creating the conditions for increased sales. The Northwest Territories is well positioned to benefit from increased export opportunities to the EU market and its 500 million consumers.
  • the conclusion of Canada’s first free trade agreement in Asia with the landmark Canada-Korea Free Trade Agreement (CKFTA), which will come into force on January 1, 2015. The Northwest Territories will see tremendous opportunities for export growth, given the complete elimination of South Korean duties on many Canadian products. For example, as of January 1, tariffs of up to 10 percent will be eliminated on frozen halibut. This will allow exporters to compete with other fish and seafood exporters in the South Korean market.

Historic trade agreements require historic trade promotion, and under GMAP the Harper government is supporting workers and businesses in the Northwest Territories and ensuring that SMEs have all the necessary tools to seize new opportunities and realize their full export potential.

Key elements of the trade promotion efforts include:

Go Global Export Workshops

Over the next several months, the Honourable Ed Fast, Minister of International Trade, is holding workshops across Canada in collaboration with Canadian Manufacturers & Exporters and all the Government of Canada’s export support agencies. Under GMAP, the Canadian Trade Commissioner Service, Export Development Canada, the Business Development Bank of Canada and the Canadian Commercial Corporation have been aligning their activities, facilitating referrals, sharing market intelligence and information, and providing a whole-of-government approach to boost SME exports. Over 300 SMEs participated in Go Global workshops in 2014.

Regional Trade Commissioner Service (TCS) Activities

In 2014, the TCS’s Prairies and Northwest Territories Regional Office assisted 446 SMEs, providing them with on-the-ground international business support, including 1,062 targeted services, and connecting them to new business opportunities.

Attracting Job-Creating Investments in the Northwest Territories

As part of GMAP, the government attracts investment to Canada, benefiting hard-working Canadians and their families. In the 2013-14 fiscal year, the Canadian Trade Commissioner Service (TCS) worked with provincial, territorial and municipal investment partners to facilitate 146 successful investment projects worth $3.65 billion and create over 5,500 new jobs within Canada.

Opening Markets and Supporting Northwest Territories Businesses Abroad

In 2014, Minister Fast led 13 trade missions to 20 countries. Trade missions connect Canadian businesses, especially SMEs, with new opportunities to boost their exports, which creates jobs, growth and prosperity across all regions of Canada, including the Northwest Territories. In November, Yellowknife Tours accompanied Minister Fast on a trade mission to China.

Minister Fast encouraged Northwest Territories-based businesses to take advantage of the Enterprise Canada Network. Provided in partnership with EDC and Canadian Manufacturers & Exporters, this network provides online access to more than 30,000 business profiles and information on opportunities in the European market to help Canadian companies take full advantage of the historic Canada-EU trade agreement.

Under GMAP, the Harper government committed to developing comprehensive strategies in key sectors. Strategies released this year that support Northwest Territories businesses include the International Education, the Extractive Sector and the Corporate Social Responsibility strategies, and an export-oriented Defence Procurement Strategy.

Minister Fast invited businesses in the Northwest Territories to accompany him on his first trade mission of 2015. This trade mission to South Korea, which will take place from February 8 to 13, will enable businesses to take full advantage of the Canada-Korea Free Trade Agreement and benefit from on-the-ground support from the Government of Canada.

Quotes

“This year, 2014, has been the most successful year for international trade in Canadian history, benefiting hard-working Canadians in the Northwest Territories and in every region of the country. Under Canada’s Global Markets Action Plan, we will continue our vigorous trade promotion efforts to boost our exports.

“In 2015, we will continue to focus on the real priorities of hard-working Canadians: creating new jobs and prosperity.”

– Ed Fast, Minister of International Trade

Associated Links

Quotes from Northwest Territories Stakeholders

Canada-European Union Comprehensive Economic and Trade Agreement (CETA)

“Given the global nature of our sector, the Canadian mining industry is highly supportive of the formation of new trade agreements with key markets. Today’s agreement-in-principle on the Comprehensive Economic and Trade Agreement is a significant step forward that, once finalized, will eliminate existing European tariffs on Canadian mineral products, help facilitate labour mobility and encourage European investment in the Canadian mining sector. Foreign investment into Canada contributes directly to job creation, to Canada’s mining services sector and to our nation’s overall economic prosperity.”

– Pierre Gratton, President and CEO, Mining Association of Canada

Canada-Korea Free Trade Agreement

“Free trade is a key ingredient for the future success of the seafood business in Canada. The Comprehensive Economic Trade Agreement between Canada and the European Union was great news, and we’re pleased that opening markets around the world, especially in growing Asian markets such as South Korea, is a priority for the Government of Canada. The Canada-Korea Free Trade Agreement will create significant market access opportunities for Canada’s fish and seafood sector by eliminating South Korea’s high tariffs on all fish and seafood products.”

– Derek Butler, Executive Director, Association of Seafood Producers

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