Is Canada Leading US Trade?

Before COVID-19, trade accounted for about two thirds of our national economy and supported 3.3 million Canadian employment, thereby remaining vital to the prosperity of Canadians. We are among the top countries in the world to invest in and launch a business; we are also a strong, steady trade nation. Still, global supply systems are under strain right now more than they have ever been. This is why our government is dedicated to identify fresh approaches to assist Canadian business owners and entrepreneurs to thrive in the worldwide market by means of our Export Diversification Strategy. Expanding and diversifying market prospects are free trade agreements including the Canada-European Union Comprehensive Economic and Trade Agreement (CETA), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and Canada–United States–Mexico Agreement (CUSMA), sometimes referred to as the new NAFTA. This opens more prospects and employment for Canadians as well as 1.5 billion consumers for our Canadian companies worldwide. Talks with Mercosur, the Pacific Alliance, and maybe the Association of Southeast Asian Nations will help Canada's economic partnerships be strengthened.

Working with our foreign partners and assuming a leadership role to maintain supply chains

open, enhance and diversify trade connections, and support rules-based trade for the twenty-first century, we will continue to strive toward our economic recovery. Important for sustaining rules-based commerce and providing our companies the stability they need to expand internationally, multilateral institutions like the World commerce Organization must be strengthened. Inclusive and sustainable trade cooperation and cooperation will determine the course of the worldwide economic recovery. This involves making sure historically underrepresented groups—women entrepreneurs, small company owners, Indigenous-led companies—can profit from trade. Greater innovation results from diversity of ideas and skill set, so strengthening companies that can withstand challenging economic times. This is why our government will keep building chances that help Canadians and companies from coast to coast. According to the Honourable Mary Ng s President Biden, Canada is the only friend, ally, or partner the United States has closer.  Our two nations have developed one of the closest and most vast ties over the last 150 years. With about $2.6 billion in goods and services crossing our common border, the longest land border in the world, an almost 20 percent rise in 2022 over the year Canada is our biggest trading partner. On both sides of the border, this commerce sustains millions of employment. Our people also have strong personal and family ties; we have cooperated to address some of the most important issues confronting the globe.

President Biden has rebuilt confidence and trust between our two nations

under this Administration, therefore reinforcing the United States' continuous commitment to the U.S.-Canada alliance. Not only does our people gain from the U.S.-Canada alliance, but the globe also gains from our cooperative efforts; nothing is impossible when we work together.To support equitable economic development and generate decent paying employment, the United States and Canada are fueling private sector investment. The Inflation Reduction Act and the CHIPS and Science Act will help us create coordinated supply chains and increase the competitiveness of North America. To mine and process vital minerals for electric car and stationary storage batteries, the United States announced $250 million in Defense Production Act (DPA) financing last year for U.S. and Canadian companies. This spring announcements of awards to American and Canadian businesses will be made. The Strategic Innovation Fund will fund advanced manufacturing, processing, and recycling; the Canadian Critical Minerals Infrastructure Fund will provide CAD $1.5 billion available to support clean energy and transportation infrastructure projects. These reciprocal actions will deepen U.S.-Canada cooperation on supply chain resilience.Starting with Canada and IBM offering major incentives as part of a memorandum of agreement to build new and expanded packaging and testing capabilities at its Bromont site, both countries will advance a cross-border semiconductor packaging corridor. The configuration will create employment and economic activity in the United States and Canada.  To further enhance advanced packaging of semiconductors and printed circuit boards in North America, the United States additionally announced $50 million of DPA funding for U.S. and Canadian companies.

From its Strategic Innovation Fund, Canada will support semiconductor initiatives

with up to CAD $250 million.To increase the pool of talent required for vital supply chains, the United States and Canada committed to find opportunities between the two countries to promote training and work opportunities in priority areas such clean energy and skilled trades and gather major players from multinational companies, unions, state and provincial governments, and educational and training institutions. To satisfy the rising needs for electric vehicles in North America, the United States and Canada will collaborate with manufacturers, battery makers, and organized labor on sharing training efforts and cross-border credentials. On Critical Minerals Cooperation, the United States and Canada revised their Joint Action Plan. Under the Plan, the Departments of State, Commerce, Defense, Energy and the U.S. Geological Survey will collaborate with Canadian counterparts on expanded information and data sharing, joint efforts to promote private sector involvement, coordination on research and development, and multilateral fora cooperation. President Biden's first priority is addressing the climate disaster; our biggest energy trading partner, Canada, as well as the United States are dedicated to act forcefully. By elevating ambitious legislation like the U.S. Inflation Reduction Act to hasten the clean energy transition and establish North America as a clean energy powerhouse, our nations will expand the clean energy economy.