Under Canada’s Global Markets Action Plan (GMAP), the government’s pro-export, pro-jobs plan, new markets around the world have been opened for Nunavut exports. These historic trade achievements will benefit hard-working Canadians in Nunavut and throughout Canada.
In just one year, the government has delivered on its GMAP commitment to eliminate tariffs and support Canadian companies, especially small and medium-sized enterprises (SMEs), and to boost exports, including through:
- the conclusion of negotiations and release of the complete text of the historic Canada-European Union trade agreement. The agreement will eliminate tariffs on virtually all of Nunavut’s exports. For example, Nunavut exported an average of $1.2 million in metal and mineral products to the EU between 2011 and 2013. Exports of metals to the EU currently face tariffs up to 10 percent. Upon its entry into force, the agreement will eliminate existing EU tariffs on metal and mineral products, making these products more competitive and creating the conditions for increased sales. Nunavut is well positioned to benefit from increased export opportunities to the EU market and its 500 million consumers.
- the conclusion of Canada’s first free trade agreement in Asia with the landmark Canada-Korea Free Trade Agreement (CKFTA), which will come into force on January 1, 2015. Nunavut will see tremendous opportunities for export growth, given the complete elimination of South Korean duties on many Canadian products. For example, as of January 1, industrial goods, including scientific instruments and iron or steel products will be duty-free. This will allow Nunavut’s producers of these products to compete with other exporters in the South Korean market.
Historic trade agreements require historic trade promotion, and under GMAP the Harper government is supporting workers and businesses in Nunavut and ensuring that SMEs have all the necessary tools to seize new opportunities and realize their full export potential.
Key elements of the trade promotion efforts include:
Go Global Export Workshops
Over the next several months, the Honourable Ed Fast, Minister of International Trade, is holding workshops across Canada in collaboration with Canadian Manufacturers & Exporters and all the Government of Canada’s export support agencies. Under GMAP, the Canadian Trade Commissioner Service, Export Development Canada, the Business Development Bank of Canada and the Canadian Commercial Corporation have been aligning their activities, facilitating referrals, sharing market intelligence and information, and providing a whole-of-government approach to boost SME exports. Over 300 SMEs participated in Go Global workshops in 2014.
Regional Trade Commissioner Service (TCS)
In 2014, the TCS’s regional office that supports Quebec and Nunavut assisted 530 SMEs, providing them with on-the-ground international business support, including 1,215 targeted services, and connecting them to new business opportunities.
Attracting Job-Creating Investments in Nunavut
As part of GMAP, the government attracts investment to Canada, benefiting hard-working Canadians and their families. In the 2013-14 fiscal year, the Canadian Trade Commissioner Service (TCS) worked with provincial, territorial and municipal investment partners to facilitate 146 successful investment projects worth $3.65 billion and create over 5,500 new jobs within Canada.
Opening Markets and Supporting Nunavut Businesses Abroad
In 2014, Minister Fast led 13 trade missions to 20 countries. Trade missions connect Canadian businesses, especially SMEs, with new opportunities to boost their exports, which creates jobs, growth and prosperity across all regions of Canada.
Minister Fast encouraged Nunavut-based businesses to take advantage of the Enterprise Canada Network. Provided in partnership with EDC and Canadian Manufacturers & Exporters, this network provides online access to more than 30,000 business profiles and information on opportunities in the European market to help Canadian companies take full advantage of the historic Canada-EU trade agreement.
Under GMAP, the Harper government committed to developing comprehensive strategies in key sectors. Strategies released this year that support Nunavut businesses include the International Education, the Extractive Sector and the Corporate Social Responsibility strategies, and an export-oriented Defence Procurement Strategy.
Minister Fast invited businesses in Nunavut to accompany him on his first trade mission of 2015. This trade mission to South Korea, which will take place from February 8 to 13, will enable businesses to take full advantage of the Canada-Korea Free Trade Agreement and benefit from on-the-ground support from the Government of Canada.
Quotes
“This year, 2014, has been the most successful year for international trade in Canadian history, benefiting hard-working Canadians in Nunavut and in every region of the country. Under Canada’s Global Markets Action Plan, we will continue our vigorous trade promotion efforts to boost our exports.
“In 2015, we will continue to focus on the real priorities of hard-working Canadians: creating new jobs and prosperity.”
- Ed Fast, Minister of International Trade
Associated Links
Quotes from Nunavut Stakeholders
Canada-European Union Comprehensive Economic and Trade Agreement (CETA)
“Given the global nature of our sector, the Canadian mining industry is highly supportive of the formation of new trade agreements with key markets. Today’s agreement-in-principle on the Comprehensive Economic and Trade Agreement is a significant step forward that, once finalized, will eliminate existing European tariffs on Canadian mineral products, help facilitate labour mobility and encourage European investment in the Canadian mining sector. Foreign investment into Canada contributes directly to job creation, to Canada’s mining services sector and to our nation’s overall economic prosperity.”
- Pierre Gratton, President and CEO, Mining Association of Canada
Canada-Korea Free Trade Agreement
“I.E. Canada believes strongly that the liberalization of trade benefits the Canadian economy. An FTA with South Korea will create new opportunities and secure market access for our members. Establishing free trade with South Korea puts Canadian businesses on an equal footing with some of their global competitors, particularly the United States and the European Union, with whom the country has already established FTAs. Formalizing our relationship with South Korea ultimately provides Canada with another opportunity to expand our commercial presence and create critical growth in new markets.”
- Joy Nott, President, Canadian Association of Importers and Exporters (I.E. Canada)
“Asia’s rich markets are the next frontier for Canada in our quest to eliminate tariffs and non-tariff barriers to trade and investment. Canada’s free trade agreement with South Korea will be the first step in gaining much more open access for Canadian exports. This agreement should make Canada an even more attractive destination for investors and manufacturers, create jobs and opportunities for Canadians and level the playing field for Canadian businesses, making them more competitive on the global stage.”
- Jayson Myers, President and CEO, Canadian Manufacturers & Exporters