Canada-US Trade: Economic Opportunities and Challenges
Last year, the United States declared $250 million in Defense Production Act (DPA) funding for U.S. and Canadian companies to extract and process critical minerals for electric vehicle and stationary storage batteries. Company awards to Canadian and United States organizations will be disclosed this spring. The Strategic Innovation Fund will provide an additional CAD $1.5 billion to support advanced manufacturing, processing, and recycling, in addition to the CAD $1.5 billion that the Canadian Critical Minerals Infrastructure Fund will allocate to clean energy and transportation infrastructure initiatives. By taking these mutual measures, the United States and Canada will fortify their collaboration on supply chain resilience.
Canada and IBM will establish a cross-border semiconductor packaging corridor, initiating with the provision of substantial incentives as part of a memorandum of understanding to enhance and expand the packaging and testing capabilities at the Bromont facility. In both Canada and the United States, the agreement will stimulate economic activity and employment.
Furthermore, the United States announced $50 million in DPA funding for U.S. and Canadian companies to enhance the advanced packaging of semiconductors and printed circuit boards in North America. Up to CAD $250 million will be allocated to semiconductor initiatives from the Strategic Innovation Fund of Canada.
In order to promote training and employment opportunities in priority sectors, including clean energy and skilled trades, the United States and Canada have agreed to identify opportunities between the two countries
This will involve the collaboration of key stakeholders from multinational corporations, unions, state and provincial governments, and educational and training institutions to expand the talent pool required for critical supply chains. To address the increasing demand for electric vehicles in North America, the United States and Canada will collaborate with battery manufacturers, automakers, and organized labor to share training initiatives and cross-border credentials. Joint Action Plan on Critical Minerals Cooperation was revised by the United States and Canada. As part of the Plan, the U.S. Geological Survey, the Departments of State, Commerce, Defense, and Energy will collaborate with their Canadian counterparts to enhance information and data sharing, promote private sector engagement, coordinate research and development, and collaborate at multilateral fora.
The United States and Canada, our largest energy trading partner, are dedicated to taking decisive action in response to the climate crisis, which is a critical concern for President Biden. In an effort to expedite the transition to a clean energy economy and establish North America as a renewable energy powerhouse, our nations will implement bold legislation such as the U.S. Inflation Reduction Act. Bipartisan Infrastructure Law and CAD $1.2 billion to harmonize charging standards and develop cross-border alternative fuel corridors. Canada and the United States will collaborate on the Energy Earthshot™, which are decadal performance targets for critical technology areas, as outlined by the U.S.
The Foundational Infrastructure for Responsible Use of Small Modular Reactor Technology (FIRST) program
Indigenous Knowledge will be incorporated into the decision-making processes whenever feasible, and the United States and Canada have pledged to collaborate closely with Arctic Indigenous Peoples. In order to facilitate our global mitigation initiatives, the two nations acknowledged the necessity of reducing localized emissions of carbon dioxide, methane, and black carbon in the Arctic. In addition, the two nations have pledged to work together to prepare for, prevent, and respond to oil accidents and other environmental disasters in the Arctic, as well as to conserve and protect Arctic biodiversity, ecosystems, habitats, and wildlife.
The leaders of the two countries have pledged to collaborate in the upcoming months to achieve a
modernized Columbia River Treaty regime that equitably distributes environmental benefits, power generation, and flood risk management to the Indigenous and Tribal nations, communities, and stakeholders in the watershed.The United States and Canada are conducting a joint technical evaluation and assessment to determine the effectiveness of the U.S.-Canada Air Quality Agreement (AQA), which was established in 1991, in achieving its environmental objectives and addressing transboundary air pollution at a sufficient level. The agreement encompasses commitments from both countries to address acid rain and ground-level ozone. Particulate matter (PM2.5) and other pollutants/issues that are not presently addressed by the AQA will also be examined in the review. As part of the agreement, the United States and Canada also collaborate on scientific and research subjects, including wildfires, ammonia, and methane as an ozone precursor
Department of Energy. Canada is committed to implementing the Long Duration Storage Shot (LDSS) objectives, which are designed to decrease the cost of grid-scale energy storage by 90% for systems that provide a duration of 10 hours or more within the next decade. In order to advance toward the LDSS objective, Canada intends to concentrate on energy storage technologies for off-grid and remote applications. The challenges that the establishment of the international border between the United States and Canada presents to Indigenous communities were acknowledged by the Leaders. The leaders are dedicated to collaborating to mitigate the effects of the shared border on Traditional practices, mobility, Native language preservation, kinship, cultural connections, and economic opportunities for Indigenous Peoples. We are dedicated to collaborating with Tribal Nations and Alaska Native Villages in the United States, as well as First Nations, Inuit, and Métis Peoples in Canada, to address these persistent border challenges.
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