Recently, Ontario’s Minister of International Trade, the Honourable Michael Chan, met with stakeholders to speak about the importance of expanding Ontario’s international trade presence and growing the province’s capacity to help businesses expand globally.
Trade is vital to Ontario’s economy
Today, exports and interprovincial trade represent more than 50% of the province’s GDP. With globalization, evolving trade agreements and increased competition, the province is taking action to help Ontario businesses expand their international trade to new markets through Ontario’s Global Trade Strategy, Seizing Global Opportunities.
“Engaging with our partners around the world to promote new economic, business and cultural relationships is essential to ensuring economic growth and prosperity for Ontario. Ontario’s Global Trade Strategy will help Ontario businesses diversify their exports and make valuable connections to increase their global footprint.”- Minister Chan
The Global Trade Strategy is designed to help Ontario businesses benefit from the global economy, and provides a framework for the province’s role to ensure that programs, policies and international trade agreements reflect the interests of our Province’s businesses and workers.
The foundation of Ontario’s Global Trade Strategy is built on the following four priorities, with concrete deliverables over the next five years.
Leveraging our International Trade and Investment Assets: to focus on diversification into new markets and leveraging the Province’s assets to help Ontario businesses increase their competitiveness. Ontario is helping its companies reach new markets by leading missions in key markets and sectors, and establishing an Ontario presence at international trade shows.
Coordinating, Convening and Connecting: to position the Ministry of International Trade (MIT) as a central hub and centre of excellence for Ontario’s complex international trade ecosystem. More tools, programs and resources will enable more Ontario businesses to become exporters and assist existing ones to reach new global markets and diversify their existing revenue sources.
Driving Better Intelligence for Better Results: to identify new trends and optimize the use of data to open more opportunities for Ontario businesses. MIT is conducting in-depth regional and sector market analyses and expanding its data analytics capacity to inform strategic decision-making on key trade issues.
Building Strong Networks and Infrastructure: to assist businesses to leverage their diverse talents, potential partners and emerging technologies to harness the power of global networks and infrastructure. Within this priority area, MIT will capitalize on technologies to increase opportunities for trade diversification, strengthen government-to-government relations to drive economic benefits for Ontario, and leverage talent to capitalize on global trade networks.
The Province is charting new territory and proactively strengthening trade for Ontario’s businesses. It is achieving these goals through various initiatives, including the development of a new export business portal, an innovative technology that will directly connect users with customized, vital information to grow their business through trade. We are also delivering enhanced educational seminars that focus on how to access new markets through modernized trade agreements like the Canada – European Union Comprehensive Economic and Trade Agreement (CETA).
“I am very proud of the work we have done and will continue to do to ensure Ontario businesses thrive in today’s global economy. History tells us that strong trading relationships are the foundation for wealth and prosperity. Through Ontario’s Global Trade Strategy, both government and businesses are working together to support a stronger provincial economy, built for today’s world, that allows us to grow our trade and create economic opportunities for the people of Ontario and for future generations.” -Minister Chan
To learn more about Ontario’s Global Trade Strategy please visit, Ontario.ca/globaltradestrategy.