Peterborough – Maryam Monsef, Minister of Status of Women and Member of Parliament for Peterborough—Kawartha, co-hosted a roundtable discussion today on the benefits of the United States-Mexico-Canada Agreement (USMCA) at the Greater Peterborough Chamber of Commerce office.
The announcement of the USMCA was an important step forward for North American trade, reinforcing strong economic ties between the three countries, reaffirming certainty in Canada’s long-standing trade relationship and fostering good, well-paying jobs for Canadians.
The Government of Canada has ensured that provisions are included in the agreement to advance gender equality and women’s economic empowerment. This includes for the first time enforceable labour obligations on the elimination of employment discrimination based on gender. Gender-related provisions were also included related to corporate social responsibility and small and medium-sized enterprises.
“Today, the business community stressed the importance of the USMCA in providing stability in our economy and access to trade with Canada’s largest trading partner. This makes Canada the only G7 country to have trade agreements with all other G7 countries. Along with lowered taxes for small businesses and investments in skills, innovation and infrastructure, Canada is open for business. The USMCA will support good, well‑paying, middle class jobs in our region, continued economic growth and competitiveness, and it will expand Canada’s trade in North America. Our government’s plan was to sign a deal that is good for Canadians, and that’s exactly what we’ve done.”
The Honourable Maryam Monsef, P.C., M.P.
Minister of Status of Women
“These Roundtable opportunities are grassroots advocacy. The opportunity to speak directly to our MP and Minister about issues directly impacting business is invaluable. In this case, seeing the proposed USMCA ratified is critical to creating trade certainty for businesses here in Peterborough and right across the country. The opportunity to talk about taxes is also important to business as the tax system plays a critical role in driving business forward.”
Stuart Harrison, President and CEO
Greater Peterborough Chamber of Commerce
- Small businesses employ eight million hard working Canadians. To make it easier for small businesses to save money and invest in their business, the Government of Canada lowered the small business tax rate to 9% – one of the lowest rates in the world.
- Women-owned small and medium-sized businesses (SMEs) represent about 40% of SMEs globally, yet account for only 15% of exporting firms.
- The USMCA reinforces our important commercial relationship with our North American partners and provides important stability and predictability for Ontario businesses and workers.
- For Ontario, this means continued market access security for $179.2 billion in exports to the U.S. and stability for workers that rely on well-paying export dependent jobs, including in the auto sector, as well as auto parts, plastics, tires and processed food industries.
- The globally competitive regional market created under the original North American Free Trade Agreement in 1994 today accounts for nearly 486 million consumers and a combined GDP of more than US$22 trillion.
- In 2017 trilateral trade reached nearly US$1.1 trillion—a more than threefold increase since 1993.
- The United States and Mexico are, respectively, Canada’s first- and third-largest merchandise trading partners in the world.
- Canada is respectively the second- and fifth-largest merchandise trading partner of the United States and Mexico, and the largest export market for the United States.
- Canada and the United States share the world’s longest secure border, over which approximately 400,000 people, and goods and services worth $2.4 billion, cross daily.
- Canada and the United States share one of the largest trading relationships in the world. Canada is the largest market for the United States—larger than China, Japan and the United Kingdom combined
- United States-Mexico-Canada Agreement
- Canada and United States relations
- Canada-Mexico relations
- North American Free Trade Agreement – Resources
Special Assistant (Communications) to the Hon. Maryam Monsef
Member of Parliament for Peterborough-Kawartha