Tax News
by Mike Godfrey, Tax-News.com, Washington
Canada and Morocco have completed the third round of talks toward a free trade agreement (FTA), with Canada’s Minister of International Trade stressing that deepening trading relationships in fast-growing markets is the best way to create jobs, growth and long-term prosperity.
The FTA would be Canada’s first with an African country. The negotiations were held in Ottawa from June 18 to 22, with a fourth round scheduled for the early autumn. According to minister Ed Fast, the deal would “serve as a gateway to a deeper Canadian commercial presence in North Africa and the Mediterranean region”.
With its economy expected to grow by 3.7% in 2012 and 4.3% in 2013, Morocco is seen as an important market for Canada. Last year, bilateral merchandise trade between Canada and Morocco totalled nearly CAD420m (USD408m) and Canadian merchandise exports were valued at CAD300m.
Fast said: “Our government understands the importance of trade to Canada’s economy. Greater access to new markets means more opportunities, jobs and long-term prosperity for Canadian workers and businesses.”
The Canadian government has an ambitious pro-trade plan, and has concluded FTAs with nine countries since 2006. Last week, it was granted entry to the Trans- Pacific Partnership negotiations, which aim at the creation of a region-wide FTA.
“We’ve begun deepening trade and investment ties with the largest, most dynamic and fastest-growing markets in the world, including Brazil, China, India, Japan and the European Union,” Fast said.
“Thanks to these actions and our government’s free trade leadership, Canadian workers and businesses now have preferred access and a real competitive edge in more markets around the world than at any other time in our history,” he concluded.
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