What's this about?
In 2015, Ontario achieved a modest trade surplus of nearly $8 billion on over $800 billion in international and interprovincial trade. Ontario’s prosperity will continue to depend on its ability to export its goods and services to countries across the globe. Cross-border trade with the U.S. is, and will always be, important for Ontario. At the same time, emerging economies offer new destinations for Ontario’s exports and a potential for economic growth.
We want to see Ontario strengthen its ties with current trade partners while aggressively diversifying its export base around the globe. Our goal is to work with the provincial and federal governments to foster stronger ties with the U.S. and leverage the global linkages of Ontario’s diverse population to facilitate trade with emerging economies. We are doing our part: through our partnership with the Province and the federal government, our Global Growth Fund has helped 719 businesses generate over $270 million in export sales.
Ontario can spur economic growth by renewing existing trade relationships and building trade relationships with new partners. We believe that the following steps should be taken:
- The provincial and federal governments should continue to champion our trading relationship with the U.S. build the necessary infrastructure (both transportation and security infrastructure) that supports efficient cross-border trade.
- The federal and provincial governments need to facilitate the creation and expansion of trade partnerships to capture new markets for its evolving product mix.
- Governments should focus investment and economic development policies on high-potential sectors.
- Governments should expand those programs that help SMEs export their goods and services, including the Global Growth Fund.