Prime Minister Mark Carney stated that Canada is open to strengthening trade ties with the United States and Mexico in certain sectors to generate greater economic prosperity across the continent.
“Like Mexico, Canada remains open to greater integration, including options for a ‘Fortress North America’ in selected sectors,” the prime minister said in a speech at a political conference in Toronto on Saturday.
Carney did not specify which sectors he considers most conducive to closer ties. “To be clear, those proposals are on the table,” he stated. “But if that ultimately isn’t possible, we will invest heavily in new markets and products.”
The prime minister and other Canadian politicians have previously discussed the potential for greater cooperation among the North American trading partners, including in critical energy and minerals sectors. The premier of Ontario, for example, proposed a “Canada-America Growth Plan” to boost mineral development and processing.
Canada Seeks to Diversify Markets, but Distances Itself from China
The United States, Mexico, and Canada will review their trade agreement this year, six years after it went into effect during Donald Trump’s first term. The president has disrupted relations with both countries by imposing tariffs on products such as automobiles and steel, whose supply chains span the continent.
Carney has set a goal of doubling Canadian exports to non-U.S. countries within 10 years.
Steve Verheul, who was Canada’s chief trade negotiator during Trump’s first term, said this week that the United States wants to “keep China out of it, generally speaking.”
But Carney has already agreed to a limited tariff deal with China that allows the import of some Chinese electric vehicles at a low tariff rate, a move that angered Trump and his officials. Canada is trying to finalize new agreements with India, the Mercosur countries in South America, and other trading partners.
Source: elfinanciero
