The B.C. government supports and looks forward to contributing to a new feasibility study on establishing an economic partnership agreement between Canada and Japan, the province’s largest Asian export market.
“British Columbia is an open economy and increased international trade leads directly to economic growth and creates jobs,” says Margaret MacDiarmid, minister of tourism, trade and investment. “The announcement by the federal government to initiate a joint feasibility study with Japan on establishing an economic partnership agreement can only help to enhance B.C.’s long-term business and cultural relationships with Japan.”
According to the federal government, the joint Canada-Japan study will examine the economic impact of a potential economic partnership agreement and will weigh the benefits for businesses, exporters and workers in both countries.
In 2010, B.C.-origin merchandise exports to Japan rose by 20 per cent to total $4.2 billion, and accounted for 46 per cent of all Canadian exports to the country. The province’s top five exports last year were coal, copper ores, lumber, wood pulp and aluminum. About $2.5 billion worth of Japanese imports entered Canada through B.C.