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Second Round Of Canada-Japan Trade Talks This Month

by Mike Godfrey, Tax-News.com, Washington

11 April 2013


The second round of talks toward an economic partnership agreement (EPA) between Canada and Japan will be held at the end of the month.

The negotiations will begin in Ottawa on April 22 and last four days. The announcement was made by the Canadian International Trade Minister Mark Fast, who is currently leading a trade mission to Japan.

Japan is Canada's fourth-largest merchandise export market. Total exports reached nearly CAD10.4bn (USD10.2bn) last year, while Japanese investment in Canada was worth almost CAD12.8bn in 2011. According to a joint study into the potential benefits of an EPA, Canadian exports to Japan could increase by as much as 67%. An EPA could also boost Canadian gross domestic product by as much as CAD3.8bn, a figure ministers say is equivalent to nearly 30,000 new jobs or a rise of CAD325 in the average family's income. The agri-food products and natural resources sectors are in particular expected to benefit from strengthened bilateral trade opportunities, and the stable and reliable energy sector is thought likely to see increased Japanese investment.

"Our Government is focused on what matters to Canadian businesses, workers and their families: opening new markets that increase our exports and create jobs, economic growth and long-term prosperity," Fast said. "Canada and Japan have a long history of economic cooperation, but there remain enormous opportunities for expanding trade and investment between our two countries. That's why we are building on the positive momentum in our relationship and taking it to the next level with an agreement that will generate significant benefits for people in both our countries."

TAGS: business | energy | trade treaty | food | agreements | Canada | trade | Japan

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