Department of Finance Canada Hosts Briefing with Industry Stakeholders on Canada-U.S. Economic Relationship
January 31, 2025
The Department of Finance Canada hosted a briefing with industry stakeholders to discuss the Canada-U.S. economic relationship. The briefing was led by Deputy Minister of Finance Michael Sabia and Assistant Deputy Minister of International Trade and Finance Mark Watson.
Key Points of the Briefing
- The Canada-U.S. economic relationship is the largest in the world, with two-way trade in goods and services exceeding $1 trillion annually.
- The United States is Canada’s largest trading partner, accounting for approximately 75% of Canadian exports.
- Canada is the United States’ third-largest trading partner, after Mexico and China.
- The two countries share a highly integrated supply chain, with many businesses operating on both sides of the border.
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The briefing focused on the opportunities and challenges facing the Canada-U.S. economic relationship, including:
- The ongoing negotiations on the North American Free Trade Agreement (NAFTA).
- The impact of the United States’ trade policies on Canada.
- The importance of cross-border infrastructure and investment.
- The need to address climate change and other shared environmental challenges.
Perspectives from Industry Stakeholders
Industry stakeholders who attended the briefing expressed a range of perspectives on the Canada-U.S. economic relationship. Some stakeholders raised concerns about the impact of U.S. trade policies on Canadian businesses. Others highlighted the importance of the two countries working together to address shared challenges, such as climate change.
Government’s Response
Deputy Minister Sabia and Assistant Deputy Minister Watson emphasized the government’s commitment to maintaining a strong economic relationship with the United States. They noted that Canada is working closely with the United States to address shared challenges and build a more prosperous future for both countries.
Conclusion
The briefing with industry stakeholders highlighted the importance of the Canada-U.S. economic relationship and the opportunities and challenges facing the two countries. The government is committed to working with the United States to build a more prosperous future for both countries by promoting mutually beneficial trade, investment, and cooperation.
Department of Finance Canada hosts briefing with industry stakeholders on the Canada-U.S. economic relationship
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