International Trade Daily™ provides rapid, reliable notification of the most significant developments affecting U.S. trade and international business policy, as well as the policies of major U.S....
June 10 — Canada's negotiation of a strategic partnership with the Pacific Alliance gives it an advantage over other observers to the trading bloc, including the U.S., a Canadian government official said June 9.
The June 8 joint declaration with the bloc, composed of Chile, Colombia, Mexico and Peru, gives Canada a “first mover” advantage over the other 41 observer countries. The action establishes the agreement as a model for other countries to follow, Alex Lawrence, spokesman for International Trade Minister Chrystia Freeland, told Bloomberg BNA in an e-mail.
“The partnership will move us towards deeper economic and people-to-people linkages with the wider Latin American region,” Lawrence said.
In addition, Canada also will benefit from a closer linkage with the trade bloc because one of its top priorities is to improve trade and economic integration with other member countries of the Asia-Pacific Economic Cooperation forum, he said.
“This provides Canada a further avenue to develop a wider set of multilateral relationships across the Pacific region as we look to diversify our trading partners and focus on high-growth global regions,” he said.
The joint declaration makes Canada the first observer country to expand its relationship with the Pacific Alliance, formalizing Canada's relationship with the group and providing a framework for broader collaboration, Freeland said June 8 in a statement after signing the declaration in Mexico City.
“Canada has supported the Pacific Alliance since its inception, as well as its collaborative approach to promoting trade and investment,” Freeland said in a statement. “Together, we will continue to bring prosperity to the region.”
The strategic partnership will allow development of concrete initiatives for companies in Canada and the alliance's member countries, particularly small and medium-sized enterprises, Global Affairs Canada said June 8.
Other areas for increased collaboration include trade facilitation and promotion, education and training, science, technology and innovation, responsible natural resource development, corporate social responsibility and the environment, the department said in a background document.
Officials will work over the next few months to identify opportunities in those areas, and Freeland and Canada's ambassadors to the Pacific Alliance member countries will hold discussions at a June 17 event in Toronto hosted by the Canadian Council of the Americas, Global Affairs Canada said.
Canada in November 2012 became the first non-Latin American country accepted as an observer with the Pacific Alliance, which was formed in 2011. Canada also has bilateral free trade agreements with each country.
Canada's merchandise trade with the four countries totaled C$46.2 billion ($36.0 billion) in 2015, about 70 percent of Canada's two-way trade with Latin America.
To contact the reporter on this story: Peter Menyasz in Ottawa at email@example.com
To contact the editor responsible for this story: Jerome Ashton at firstname.lastname@example.org
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)