Historic trade accord strengthens Canada's economic union
“The Canadian Free Trade Agreement will bring real benefits to Canadians. Companies will find it easier and less costly to sell their goods and services across the country, which means Canadians can expect more choice and pay less for what they buy. More open markets and less red tape mean Canadian businesses can grow and compete globally. And as these companies grow, they will create more middle-class jobs for Canadians.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development
The agreement contains a number of historic firsts:
- It opens up trade within Canada in virtually every sector of the economy, making it the most ambitious trade deal to cover Canada's home market.
- It enables Canadian companies operating in regulated professions, such as engineering and architecture, to compete for opportunities to supply their products and services to governments across the country.
- It enables suppliers to most publicly owned energy utilities to bid for government contracts in many parts of the country, creating a brand new business opportunity worth an estimated $4.7 billion annually.
- It establishes a process to enhance trade in beer, wine and spirits among provinces and territories.
Rules in the Canadian Free Trade Agreement will automatically apply to all of the country's economic activity unless something is specifically excluded.
Trade within Canada represents about one-fifth of Canada's GDP, or $385 billion annually. It also accounts for nearly 40 percent of all provincial and territorial exports.
The Canadian Free Trade Agreement will replace the existing Agreement on Internal Trade, which has been in place since 1995.
Follow Minister Bains on Twitter: @MinisterISED
Karl W. Sasseville
Office of the Minister of Innovation, Science and Economic Development
Innovation, Science and Economic Development Canada
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