July 9, 2018 – Ottawa, Ontario – Global Affairs Canada
Canada is committed to providing enhanced market access for exporters to, and investors in, Australia, which in turn creates more middle class jobs and opportunities for Canadians.
Today, the Honourable François-Philippe Champagne, Minister of International Trade, will take part in the sixth Australia-Canada Economic Leadership Forum, in Montréal, Quebec. The forum is one of the premier events that underpin Canada-Australia commercial relations, attracting major business and political leaders from across Australia and Canada.
Led by the private sector and sponsored by the governments of Canada and Australia, the forum attracts business and political leaders with an interest in deepening Canada-Australia trade and investment. This is Canada’s third time hosting the forum and the first one in Montréal. It will also be the first forum since the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
“Canada and Australia share a strong and diversified commercial relationship, driven by an increase in investment and two-way trade in goods and services. When the Comprehensive and Progressive Agreement for Trans-Pacific Partnership enters into force, Canada will build on its existing trade to diversify further into the Australian market and throughout the fast-growing Asia-Pacific region.”
– François-Philippe Champagne, Minister of International Trade
- Australia is the eighth-largest destination for Canadian direct investment abroad, and by far the largest destination in the Asia-Pacific region ($27.8 billion in 2017).
- Australia is the 12th-largest source of foreign direct investment in Canada ($11.5 billion in 2017), and fourth-largest source from the Asia-Pacific region. The stock of Australian direct investment in Canada has increased by 123% since 2013.
- The CPTPP represents a trading bloc of 11 countries with a total of almost 500 million people and a combined GDP of $13.5 trillion, or 13.5% of global GDP.
- Among the benefits to Canadian companies provided by the CPTPP are duty-free trade in goods between Canada and Australia, and the elimination of tariffs for key Canadian exports including agricultural and forest products.