A $5-billion investment by the federal government is expected to help expand Canada’s trade network.
The Trade Diversification Corridors Fund is part of the recent federal budget, and the announcement launching the fund was held at Port Saint John.
The port is just one of many that stand to benefit from the fund and help contribute to diversifying the country’s trade sector.
“We cannot control what other nations do, but we can control what we choose to do in our country,” Secretary of State responsible for the Canada Revenue Agency and Financial Institutions and Saint John-Kennebecasis MP Wayne Long said Saturday. “We choose to build by Canadians, for Canadians, and we will build Canada strong.”
Long described Canada as a trading nation, with trade accounting for approximately two-thirds of the country’s gross domestic product.
“At the same time, Canada has significant untapped potential, amazing untapped potential to expand and diversify our trade,” he said.
Long said Canada currently has the best trade deal with the United States among G7 countries and is the only country with trade deals with all G7 countries.
“But we want to diversify our economy even more and build more trade relationships,” he said. “Unlocking this potential requires targeted, forward-looking investments in trade infrastructure that allow goods to move efficiently.”
Long said the investment will help strengthen ports, railways, ports of entry, along with reducing bottlenecks and opening faster routes to global markets.
“This will help Canada transition from an economy reliant on one trade partner to one resilient to global shocks.”
The fund forms part of the federal government’s new trade diversification strategy. According to a release from the government, the strategy will double overseas exports over a decade and generate an additional $300 billion in trade.
Port Saint John president and CEO Craig Bell Estabrooks said it’s good to see a budget with so much for ports and inland connectivity by rail and dealing with bottlenecks.
“That is the true point of all this,” Estabrooks said. “We are a trading nation and we are looking to new markets.”
