July 22, 2014 – Ottawa, Ontario – Foreign Affairs, Trade and Development Canada
The Honourable Ed Fast, Minister of International Trade, today announced the sixth round of negotiations toward a Canada-Japan Economic Partnership Agreement (EPA). The negotiations will take place in Ottawa from July 28 to July 31, 2014.
A joint study on the possibility of a Canada-Japan economic partnership agreement concluded that a trade agreement with Japan could boost Canada’s economy by $3.8 billion annually, which is equivalent to the creation of almost 25,000 new jobs, and increase Canada’s exports to Japan by as much as 67 percent. An agreement would strengthen bilateral trade and investment opportunities in many areas, benefiting all sectors of the economy, including agri-food products, forestry and wood products, fish and seafood, manufacturing, natural resources and financial services.
- Japan is Canada’s fourth-largest merchandise export market and its second-largest trading partner in Asia, making it an important market for Canadian businesses.
- In 2013, bilateral merchandise trade was valued at more than $24 billion, with Canadian exports to Japan valued at $10.7 billion.
- Japan has long been Canada’s largest source of cumulative foreign direct investment from Asia, with nearly $17.3 billion invested in Canada at the end of 2013.
- Japan, the world’s third-largest economy, was identified as a priority country under Canada’s Global Markets Action Plan.
“Improving access to strategic markets in the Asia-Pacific region is at the core of Canada’s long-term prosperity and a key part of our government’s ambitious pro-trade plan to create jobs and opportunities for hardworking Canadians across all regions of the country. The momentum of our landmark conclusion of an agreement with South Korea is carrying us forward in the region. Bilateral EPA negotiations with Japan are continuing in parallel with our two countries’ involvement in the negotiations toward a Trans-Pacific Partnership agreement to deepen Canada’s relationship with one of the fastest-growing and most dynamic regions in the world.”
– Ed Fast, Minister of International Trade
Office of the Honourable Ed Fast
Minister of International Trade