Canadian Minister of International Trade Ed Fast announced Tuesday that the sixth round of negotiations toward a Canada-Japan Economic Partnership Agreement (EPA) will open here from July 28 to 31. "Improving access to strategic markets in the Asia-Pacific region is at the core of Canada's long-term prosperity and a key part of our government's ambitious pro-trade plan to create jobs and opportunities for hardworking Canadians across all regions of the country," said the minister.
A joint study by the two countries on the possibility of a Canada-Japan economic partnership agreement showed that a trade deal with Japan could boost Canada's economy by 3.8 billion U.S. dollars per year, which is equivalent to the creation of almost 25, 000 new jobs, and increase Canada's exports to Japan by as much as 67 percent.
Reports said an agreement would strengthen bilateral trade and investment opportunities in many areas, benefiting all sectors of the economy, including agri-food products, forestry and wood products, fish and seafood, manufacturing, natural resources and financial services.
Japan is Canada's fourth-largest export market and second- largest trading partner in Asia, making it an important market for Canadian businesses.
In 2013, the bilateral trade was valued at more than 24 billion U.S. dollars, with Canadian exports to Japan valued at 10.7 billion U.S. dollars.
Japan has long been Canada's largest source of cumulative foreign direct investment from Asia, with nearly 17.3 billion U.S. dollars invested in Canada at the end of 2013.
Japan, the world's third largest economy, was identified as a priority country under Canada's Global Markets Action Plan.