Canada’s openness to the world is a big part of what makes Canada a great place to invest, grow a business and raise a family. Through Budget 2017, the Government of Canada will continue to make our country stronger and more competitive by deepening our engagement with the world and investing in key partnerships. Among the most important of those partnerships is the one Canada has with the United States.
Canada and the United States have built one of the most productive, interconnected and enduring economic relationships in the world—one that has led to shared prosperity and a better quality of life for the middle class in both countries.
Finance Minister Bill Morneau today began a two-day visit to the United States in New York City, where he spoke to business and financial sector leaders at an event hosted by the Canadian Association of New York and the World Economic Forum. The Minister will then visit Indianapolis on Tuesday.
In each city, the Minister will highlight ways to help the middle class on both sides of the border, to ensure Canadian and American workers and families will have greater opportunities to succeed and prosper.
With balanced and tightly knit economic, trade and financial ties between Canada and the U.S, it is in the interest of both countries to keep working together to achieve their shared goals of creating good, well-paying jobs and improving living standards to strengthen the middle class.
“Canada and the United States enjoy a partnership that is essential to our shared prosperity, and which has long served as a model for the rest of the world. Working together, we can create more opportunities to strengthen the middle class in both our countries.”
– Bill Morneau, Minister of Finance
- Canada and the United States share a longstanding relationship, through people-to-people ties and a strong trading and investment relationship that includes:
- nearly 9 million American jobs dependent on trade and investment with Canada;
- the largest, two-way, balanced trading relationship in the world, with almost CAN$850 billion (US$635 billion) in goods and services traded in 2016;
- most U.S. states counting Canada as their top trading partner;
- a highly integrated manufacturing sector, with products crossing the border several times before final assembly and sale in both countries;
- balanced capital flows, with the U.S. stock of direct investment totalling half of all foreign direct investment (FDI) in Canada (CAN$451 billion—US$353 billion—in 2015) and Canadian direct investment one of the main sources of FDI into the United States (CAN$344 billion—US$269 billion).
Photo from: www.cbc.ca