“There is no better job creator or economic growth generator than deeper trade.” Ed Fast, Canada’s Minister of International Trade

Posted on May 16th, 2012

CANADA’S FAST SAYS ‘TRADE IS THE NEW STIMULUS’

—Canada Trade Minister Ed Fast

OTTAWA, Ontario, Canada — Ed Fast, Canada’s Minister of International Trade and Minister for the Asia-Pacific Gateway, hailed the aggressive pro-trade plan for jobs, growth and long-term prosperity embarked upon by the conservative government of Prime Minister Stephen Harper.

“It is the broadest economic expansion plan in Canadian history,” Fast said in an address May 7 to more than 100 members of the Canadian/American Border Trade Alliance during its conference in the Canadian capital.

“Trade is the new stimulus,” Minister Fast said in quotes from the speech released in a statement.

“We need more trade, more investment and deeper partnerships to help strengthen the financial security of hard-working Canadians and Americans alike.

“There is no better job creator or economic growth generator than deeper trade. That’s why our government is continuing to take steps to make the Canada-U.S. partnership – the world’s greatest free trade success story – even stronger in the years ahead.”

The Minister pointed to Prime Minister Harper and U.S. President Barack Obama’s Beyond the Border Action Plan as a good example of the way the Canadian and U.S. governments are working together to make the border more efficient for workers and businesses.

The plan intends to further open up the border to people, goods and services from the two countries, while making crossing the border more difficult for criminals and people viewed as threats to security.

Fast emphasized that bilateral merchandise trade worth more than $1.5 billion crosses the border each day.

In fact, the total value of merchandise trade that crosses the Ambassador Bridge between Windsor, Ontario and Detroit, Michigan – a single border crossing point – is more than the total value of trade between the United States and the United Kingdom.

“Our government’s top priority remains jobs, growth and long-term prosperity,” Fast said. “One in seven jobs in Canada now depends on trade with U.S. partners, and in the United States, eight million jobs depend on trade with Canada.

“Thirty-five U.S. states also count Canada as their top trading partner. Simply put, when it comes to jobs, growth and long-term prosperity on both sides of the border, we need each other.”

Having underscored the ties responsible for two-thirds of Canada’s trade with the world, Minister Fast expressed the seriousness with which his government views the emerging Trans-Pacific Partnership (TPP) trade agreement as another way that Canada and the United States can work together.

He said that together Canada and the U.S. can ensure that high standards are included in the TPP on such issues as investment, regulatory cooperation, state-owned enterprises and labor, further deepening the Canada-U.S. trade and investment partnership.

As Fast spoke, trade delegations from Asia Pacific and the Americas gathered in Dallas, Texas for a 9th round of negotiations on the TPP at a suburban Dallas hotel.

The TPP is a free trade agreement currently being negotiated among nine Asia-Pacific economies, including the United States. As a free trade leader on the world stage, Canada is seeking entry into the negotiations.

Fast said this initiative is also consistent with the Harper government’s active, ongoing and growing presence in the Asia-Pacific region.

“With both Canada and the United States at the negotiating table, we can build the TPP together, leverage Canada-United States competitive advantages and create jobs, growth and prosperity for Canadians and Americans alike,” Fast said in his address.

“A deeper partnership between Canada and the United States would also help Americans reach President Obama’s goal of doubling U.S. exports by 2015.

Obama’s National Export Initiative issued in 2009 is an attempt to double U.S. exports every five years vs. the historical average of every decade.

“With U.S. exports to Canada almost three times greater than U.S. exports to all current TPP members combined, even a modest increase in exports to Canada will benefit American workers across the country, as well as the families that rely on cross-border businesses for their livelihoods,” Fast said.

Since 2006, Canada has concluded free trade agreements with nine countries and is negotiating many more, including with the European Union and India.

He noted the Harper government also has eliminated more than 1,800 tariffs, including all tariffs on imported machinery, equipment and manufacturing inputs, making Canada the first tariff-free zone in the G-20 group of industrialized nations for manufacturers.