Niagara, Ontario’s Largest Business Group Weclomes  USMCA Trade Deal

“We feel the important lesson to be drawn from this episode of Canadian economic history is the danger in becoming overly dependent upon a single trading partner. ”  – Greater Niagara Chamber of Commerce

A Statement from the Greater Niagara Chamber of Commerce

Posted October 1st, 2018 on Niagara At Large

A caravan of transport trucks crossing Peace Bridge between Niagara, Ontario and Buffalo, New York – one of the continents major cross-border trade corridors

Niagara, Ontario  – The Greater Niagara Chamber of Commerce (GNCC) is pleased to hear that a deal in principle has been reached for a renewed trade agreement between Canada, the United States, and Mexico.

The uncertainty created by negotiations over NAFTA and the brewing tariff war have already had negative effects on the Canadian economy, which have been felt in Niagara, and this deal may bring that uncertainty to an end.

We are grateful to Minister Freeland and her negotiating team for having reached an agreement under difficult circumstances. Given the clouds that hung over the proceedings, the GNCC believes the value of their hard work cannot be overstated.

Both the GNCC and our partners at the Canadian Chamber of Commerce feel it is too early to assess the prospective deal, and that a comprehensive review of the precise terms of the agreement is necessary before we can say for sure whether it will be an improvement over NAFTA, how it will affect the Canadian economy, and what Niagara’s place in it will be.

We feel the important lesson to be drawn from this episode of Canadian economic history is the danger in becoming overly dependent upon a single trading partner.

CETA offers new opportunities in Europe, and new trade deals with Asian countries may be forthcoming. The GNCC feels the best use of this trilateral North American agreement would be to buy Canada a breathing space in which to diversify our trade and to decrease our vulnerability to the tactics which the United States recently employed against us.

The Greater Niagara Chamber of Commerce is the largest business organization in Niagara and the third-largest Chamber of Commerce in Ontario, with 1,600 members representing 50,000 employees. More information on the GNCC is available at gncc.ca.

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 “A politician thinks of the next election. A leader thinks of the next generation.” – Bernie Sanders

 

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One response to “Niagara, Ontario’s Largest Business Group Weclomes  USMCA Trade Deal

  1. Congratulations to the GNCC for showing it is capable of reading press releases from Global Affairs Canada. Now — how about some independent thought? Stating that it’s too early to assess the deal is a cop-out. For instance, you quote the federal government’s frequently-uttered talking point about not being dependent on a single trading partner. Surely you’re aware of the fact that the USMCA will make it more difficult to negotiate a trade deal with China. Since we signed the CETA, our imports from the EU have increased while our exports have declined. As for the CPTPP — time will tell. Diversifying trade demands far more than signing trade deals that theoretically open up new markets — it’s creating demand for our exports that’s the hard part.

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