Trade agreement with Japan would increase Canada’s exports to third-largest global market and benefit Canadian workers and businesses
June 13, 2013 - Gerald Keddy, Parliamentary Secretary to the Minister of International Trade, for the Atlantic Canada Opportunities Agency and for the Atlantic Gateway, today tabled the government’s response to a report from the House of Commons Standing Committee on International Trade (CIIT) on the Canada-Japan economic partnership agreement (EPA).
“Our government has long understood that deeper trade with the third-largest economy in the world would help create jobs, growth and long-term prosperity across Canada,” said Parliamentary Secretary Keddy. “That is why Prime Minister Stephen Harper launched these negotiations, which represent a historic opportunity to take Canada’s trade and investment relationship with one of the world’s largest and most innovative economies to the next level.”
The CIIT began its study of a Canada-Japan EPA in April 2012 and heard from a variety of witnesses in hearings, including representatives of the federal and provincial governments, academia, businesses and industry associations.
“Ensuring our workers and businesses have preferred access to the largest, most dynamic and fastest-growing markets in the world is part of the most ambitious trade expansion plan in our nation’s history,” added Parliamentary Secretary Keddy. “Our government will continue to open new markets to our exporters while helping them expand and succeed abroad, which we know creates high-quality jobs and prosperity here at home.”
A Joint Study on the Possibility of a Canada-Japan Economic Partnership Agreement found that such an agreement could translate into GDP gains of $3.8 billion a year for Canada—equivalent to almost 25,000 new jobs or a boost of $326 to the average Canadian family’s annual income. The study also found that an agreement could increase Canada’s exports to Japan by as much as 67 percent.
Japan is the world’s third-largest national economy and Canada’s fourth-largest merchandise export market. In 2012, total Canadian exports to Japan reached nearly $10.4 billion. With almost $17.5 billion invested in Canada in 2012, Japan is Canada’s largest Asian source of job-creating investment.