Canada And Japan Negotiate Towards Free Trade Agreement

26 March 2012 11:30am - Jack Stupple

Canada And Japan Negotiate Towards Free Trade Agreement

Canada’s Prime Minister Stephen Harper and Japan’s Prime Minister Yoshihiko Noda, announced the launch of negotiations towards a free trade agreement that will strengthen the trade and investment ties between the two countries.

The free trade agreement negotiations build on a recently released study by both countries that forecasts than agreement like this could ensure gains of up to $3.8 billion a year in Canadian gross domestic product, with Canadian exports to Japan increasing by as much as 67%.  In under six years Canada has concluded free trade agreements with nine countries – Jordan, Panama, Peru, Colombia, Honduras and the European Free Trade Association states of Iceland, Norway, Switzerland and Liechtenstein. It is also holding current negations with others including India and the European Union.

Harper said, “Our Government is creating jobs, growth and long-term prosperity for all Canadians through increased trade.” He added, “A free trade agreement with Japan – a powerful G-8 economy and respected Asia-Pacific partner - would strengthen the Canadian economy by generating billions of additional dollars in commercial flows between our two countries.” Harper did admit that some sectors of the economy will be viewing the launch of trade talks with some hesitation. However, he did say that Canadian negotiators will work to ensure the best deal for the country, and the potential benefits for the economy as a whole are significant.