Prime Minister Stephen Harper welcomed the announcement by Trans-Pacific Partnership (TPP) members of their support for Canada joining the trade negotiations. “Opening new markets and creating new business opportunities leads to jobs, growth and long-term prosperity for all Canadians,” said Prime Minister Harper. Canada will proceed to enter the talks at the earliest opportunity.
Countries party to the negotiations are: Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, the United States and Vietnam.
The Honourable James Moore, Minister of Canadian Heritage and Official Languages, announced today renewed governmental support for 23 projects in Prince Edward Island. The funding is channeled towards projects that promote arts, culture, and official languages and consequently stimulate the economy in Prince Edward Island.
“By supporting culture in Prince Edward Island, we are delivering on our commitment to strengthen our economy, boost tourism, and support our heritage” said Minister Moore.
The continuing global energy boom that began in the early 2000s has brought significant economic benefits to Canada in the form of strong growth in national income, relatively low unemployment and (until the recession) healthy public finances. But a booming energy sector may contribute to a strengthening of the currency, which in turn cause lower and unbalanced growth in trade-intensive sectors (particularly manufacturing).
There has been relatively little rigorous analysis of the linkages between energy prices, the exchange rate and manufacturing output in Canada. In this study, Mohammad Shakeri, Richard Gray and Jeremy Leonard of the Institute for Research on Public Policy examine these linkages for 80 different manufacturing industries using an empirical model that accounts for changes in global demand and competitive pressures as well as energy-induced strengthening of the dollar.
A new report by the Conference Board of Canada states that most new investment has occurred in large Canadian cities. As members of the newly-incorporated Consider Canada City Alliance Inc, Halifax, Québec City, Montréal, Ottawa, Toronto, Kitchener-Waterloo-Cambridge, Winnipeg, Saskatoon, Calgary, Edmonton, and Vancouver seek to attract new investors to their respective locations.
The report suggests that an FDI attraction strategy involving city-level economic development efforts as well as provincial and national investment will attract significant benefits for the members of CCCA and Canada overall.
The United States is the most popular market for Canadian business, the BMO Bank of Montreal financial group reports. The study reveals that 68 per cent of Canadian small business owners are looking to expand south of the border, up 12 per cent from 2011.
Commenting on the results, Cathy Pin, Vice-President of the Commercial Banking division of BMO, believes “The good news is that there is an encouraging level of optimism in the Canadian business community.”
The Ontario Centres for Excellence offered 328 Canadians the chance to attend the Discovery 12 Conference, the largest business speed networking event ever held.
In their pursuit of commercializing cutting-edge research, the Ontario Centres of Excellence seek to promote the training and development of Canadian innovators and entrepreneurs by connecting them with key partners such as Ontario’s industries, universities, colleges, research hospitals, investors and governments.
Brad Duguid, Ontario’s Minister of Economic Development and Innovation, noted “the room was full of creative minds and endless possibilities - a clear demonstration of commitment to building Ontario’s innovation economy.”
A CanWest representative stated that many companies are looking south of the border for workers. CanWest has recruited American workers for more than 5 years in order to meet project requirements. Welders, pipe fitters, iron workers, electricians and industrial insulators are among the most recruited trade groups.
A recently published study by Statistics Canada discusses the immigrant experience to large Canadian cities, using Toronto as a benchmark. The project found that migrants are likely to declare financial gain after moving to metropolitan environment when compared to other urban or rural areas.
The long term experience of young migrants in Canadian cities is largely influenced by the opportunities for rapid learning and effective matching provided through dynamic labour markets. Toronto is a successful model of both initial financial gain and long-term benefits.
This briefing by the Conference Board of Canada explores how value-added trade measures complement traditional measures, yielding unexpected insights into Canada’s real trade dependence, its trade with major trading partners, and on the importance of services to trade.
The value-added trade approach sheds light on Canada’s linkages into global value chains, showing them to be predominantly limited to the United States. It also demonstrates the interconnectedness of industries in creating the value of tradable goods and services. These findings have implications for both government policy-makers and businesses involved in trade, as detailed in this briefing.
The Urban Transportation Center at the University of Illinois at Chicago and Dalhousie University cohosted the “Rebuilding the North American Economy Together” conference last fall in Chicago.
The event, which was sponsored by CN and supported by Canada’s Department of Foreign Affairs and International Trade, focused on bi-national economic relationships and business opportunities in the new economy between the United States and Canada. The conference succeeded at providing a comprehensive look into what both Canada and the United States can do to improve North American trade relations.
The conference highlights have been published online.