Canada backs Canadian canola farmers and exporters with $150 million in insurance support
June 13, 2019 - Ottawa, Ontario - Global Affairs Canada and Agriculture and Agri-Food Canada
Canada’s canola farmers and exporting companies are key drivers of economic prosperity and growth for the middle class, exporting $11 billion worth of canola to more than 50 countries in 2018. The Government of Canada is working with Canadian farmers and canola exporters to expand the sales of high-quality canola around the world.
Today, the Honourable Jim Carr, Minister of International Trade Diversification, and the Honourable Marie-Claude Bibeau, Minister of Agriculture and Agri-Food, were joined by Carl Burlock, Executive Vice-President and Chief Business Officer of Export Development Canada (EDC), to announce an additional $150 million in insurance support to Canadian canola exporters. This support will help them manage the risks and uncertainties that come with exploring new markets.
Insurance providers play a critical role in helping farmers and exporters protect their sales and access additional working capital from their banks. The Government of Canada recognizes the pressure on Canadian canola farmers and exporters, and is committed to ensuring that they have the support they need.
Strong and stable markets for high-quality Canadian canola means more money in the pockets of farmers and supports good, middle-class jobs for Canadian farm families. The Government of Canada will not rest until this issue is resolved for Canadian farmers and their communities.
“Our government is proud to back Canada’s farming families and the high-quality products from their farms that are in demand around the globe. Today’s announcement is part of a broader effort to support farmers in a difficult time, while diversifying trade and opening new markets to create jobs for the middle-class.”
- Jim Carr, Minister of International Trade Diversification
“We have been working on all fronts to support our canola producers during this time of market uncertainty. This is another example of our Government standing shoulder-to-shoulder with Canadian producers to ensure they have the support they need. We know we have the best canola in the world. International demand for our agricultural products continues to grow because of our strong reputation as having high-quality products backed by a robust inspection system.”
- Marie-Claude Bibeau, Minister of Agriculture and Agri-Food
“As Canada’s export credit agency, we have listened to canola exporters navigating this challenging environment. We understand that insurance coverage is critical for them to expand into new markets by protecting their sales and enabling them to access more working capital from their banks. This additional capacity for Canadian canola exporters is an important part of the Government of Canada’s response plan for the sector, and we’re proud to provide it.”
- Carl Burlock, Executive Vice-President and Chief Business Officer, Export Development Canada
On April 1, 2019, Agriculture and Agri-Food Canada announced the formation of the Government of Canada Canola Working Group, made up of representatives from industry and provincial and federal governments.
Canada’s canola industry contributes almost $27 billion annually to the country’s economy.
EDC will continue to work with stakeholders, partners and exporters to find other markets of opportunity for Canadian companies.
By signing the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Government of Canada is delivering for Canadian canola farmers, expanding market access and ensuring the continued success of farm families.
With the CPTPP and CETA, Canadian farmers and producers have preferential market access to an estimated 1.5 billion consumers in more than 50 countries.
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