The federal budget included key provisions about Canada’s trade future, tying it to the growth of the middle class, an improved employment landscape, and the ability of companies to compete internationally.
Among the highlights:
- The government, which hasn’t made a final decision on the Trans-Pacific Partnership and is still consulting with Canadians, noted that the deal would provide opportunities to bolster Canadian trade with the Asia-Pacific region, enhance North American production and improve job quality in Canada
- Ottawa stated its intent on forging a stronger trade relationship with significant emerging markets like China and India
- The budget addressed Canada’s manufacturers, a sector which has struggled for more than a decade from intense competition and a high dollar, and promised to remove some tariffs and provide $9 million in tariff savings over the next five years to Canadian manufacturers in the consumer goods and transportation sectors
- The Liberal government plans to hold public consultations on scrapping tariffs on food manufacturing ingredients other than supply-managed products. The government’s rationale is that eliminating tariffs on imported ingredients will bolster investment and job creation by sharpening the competitiveness of Canadian agri-food processors at home and abroad
- Ottawa also aims to strengthen its trade remedy system by consulting with stakeholders and address unfairly traded goods entering the Canadian market, including through legislative amendments
For more information about 2016 budget. Click here
