PM highlights the strength of the Canadian economy in New York City
Prime Minister Stephen Harper participates in a moderated discussion with Gerard Baker, Editor-in-Chief of The Wall Street Journal, during his visit to New York City for the United Nations General Assembly. – PMO photo by Deb Ransom)
“Canada values our deep and enduring relationship with the United States. Our two countries have a long and remarkable history of collaboration on trade and investment, which is critical to our mutual prosperity. We are working together to lay down a modern framework to improve the flow of legitimate trade, travel and investment across our shared border, which will benefit citizens and businesses in both countries.” – Prime Minister Stephen Harper
Prime Minister Stephen Harper today participated in a moderated discussion presented by the Canadian Association of New York and the Canadian Consulate General in New York, where he addressed the global economic climate, highlighted Canada’s strong economic performance, and underscored the importance of the Canada-United States relationship. The event, moderated by Gerard Baker, Editor-in-Chief of The Wall Street Journal, brought together New York City’s business and financial communities and others who share an interest in deepening Canada-U.S. relations.
Prime Minister Harper spoke about Canada’s robust economic fundamentals, our proactive jobs and trade agenda, and actions being taken to ensure that Canada continues to occupy a strong global economic position. The event took place during the Prime Minister’s visit to New York City for the United Nations General Assembly’s High Level Week. Canada continues to be well received by New York’s financial and industry leaders because of our economic performance relative to many other countries since the global financial crisis, as well as our solid record of creating jobs, keeping taxes low, having the soundest banking system in the world, promoting responsible resource development and opening new markets for exporters.
- Canada and the U.S. have the world’s largest and most comprehensive trading relationship, which supports millions of jobs in each country. Bilateral trade in goods and services surpassed CDN$781 billion in 2013, with more than CDN$2 billion worth of goods and services crossing the border daily — over $1 million traded every minute.
- The U.S. is Canada’s largest foreign investor, and Canada is the third-largest foreign investor in the U.S. U.S. investment in Canada is primarily in Canada’s mining and smelting industries, petroleum, chemicals, the manufacturing of machinery and transportation equipment, and finance. Canadian investment in the U.S. is concentrated in finance and insurance, manufacturing, banking, information and retail trade.
- Canada is the largest foreign supplier of oil, natural gas and electricity to the U.S. In 2013, Canadian energy exports totalled CDN$128 billion, of which 92 per cent (CDN$118 billion) were to the U.S.
- About 400,000 people cross between the shared Canadian and U.S. border every single day by all modes of transport.
- A number of major initiatives to further strengthen Canada’s economic relationship with the U.S. are currently underway or on the horizon, including:
- The Beyond the Border Action Plan, which will enhance security and accelerate the legitimate flow of people, goods and services;
- The Regulatory Cooperation Council, which aims to better align regulatory systems and boost North American trade and competitiveness;
- The approval of the Keystone XL pipeline, which will create jobs and energy security for both countries; and,
- The construction of the Detroit River International Crossing, which will reduce congestion, support growth in border traffic and provide a much-needed crossing alternative in this vital trade corridor.
- Canada and the U.S. are working closely to boost trade between North America and the Asia-Pacific region through the Trans-Pacific Partnership, which will create jobs and growth both at home and abroad.
Source – pm.gc.ca