dailynewsnblog
May 22, 2024 – Phoenix, Arizona – Global Affairs Canada
Yesterday, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, met with Ambassador Katherine Tai, United States Trade Representative, at the fourth Canada-United States-Mexico Agreement (CUSMA) Free Trade Commission meeting, hosted by the United States in Phoenix, Arizona.
During their meeting, Minister Ng emphasized the need for the 3 countries to continue working together to successfully implement CUSMA in support of North America’s economic security and global competitiveness. She also highlighted CUSMA’s key role in strengthening supply chains across sectors, such as for electric vehicle manufacturing and critical minerals.
The Minister discussed outstanding bilateral trade issues between Canada and the United States, including the timely formation of CUSMA dispute panels for softwood lumber cases. They discussed guidance from the U.S. presidential administration on implementation of the United States’ Build America, Buy America Act and CUSMA rules of origin for automobiles.
Minister Ng emphasized the significance of the Line 5 energy pipeline for energy trade between, and the security of, Canada and the United States. She provided an update on work underway by Canada to provide greater transparency and predictability in the trade and investment environment for the North American steel and aluminum sectors.
The Minister added that she looks forward to Canada’s hosting of the fifth Free Trade Commission meeting in 2025.
Quick facts
- The Canada-United States trading relationship is one of the largest in the world, with nearly $3.6 billion worth of goods and services crossing the border daily.
- Canada is the top export destination for 35 U.S. states. Canada buys more goods from the United States than China, France and Japan combined.
- In 2023, Canada was the United States’ largest trading partner, with more than $1.3 trillion worth of bilateral trade in goods and services.
- Approximately 79% of Canadian goods exported to the United States are incorporated into U.S. supply chains.
- Canada produces over 60 types of minerals and metals, and it is the only country in the western hemisphere that has all the critical minerals required to manufacture batteries for electric vehicles.
- In BloombergNEF’s latest global ranking for the lithium-ion-battery supply chain, Canada claimed the top spot, ahead of China.
- More than 2.2 million jobs in Canada depend on exports to the United States, and more than 7.8 million jobs in the United States are related to trade with Canada.
- CUSMA has been in force since July 1, 2020. It reinforces North American supply chains and enables Canada, the United States and Mexico to compete as a regional bloc in the global market.
