LEBANON, France — Canada will join France, the Netherlands, Belgium, Germany and Luxembourg as third largest European markets for Canadian-owned businesses and the country will have more than $3 billion in foreign direct investment by 2020, according to the Canada-France Strategic Investment Partnership.
The investment partnership between the three countries will give a boost to Canada’s trade with the European Union and will provide a new opportunity for companies to invest in the region, said the prime minister of the three new members.
The three new countries, including France, are also joining forces to form a joint commission on foreign investment to coordinate and coordinate trade policy across the European continent, Prime Minister Justin Trudeau said in a statement.
Canada is a member of the Association of Southeast Asian Nations (ASEAN) and will be able to take advantage of its market as a major destination for international trade, he said.
Canada’s trade is growing faster than that of the EU, and the prime minster also announced that Canada will be an active member of a growing array of international trade forums.
Trudeau also said the three newly-created markets will join together with the United States, Mexico, and India, in order to create a single European market.
The Canadian government said the investment partnership will also give an economic boost to the Canadian economy by bringing in $3.5 billion to $4.2 billion annually in foreign trade and creating more than 7,000 jobs.
It will also support the development of the country’s national security and defence industries, which Trudeau said will benefit Canada’s economy and create jobs in the long run.
The ministers signed the agreement after meeting with Prime Minister Pierre Trudeau in Paris.
The agreement, signed in a historic meeting in Paris on Tuesday, was hailed by trade experts and business leaders who said the pact will help Canada diversify its economy away from the North American Free Trade Agreement (NAFTA) and open up new markets to it.
Truby said Canada’s investment in France and the Netherlands will create jobs and generate a boost in exports of goods and services, as well as improve the quality of life for workers in the three regions.
“These three countries are doing so much for Canada’s economic development, that they are contributing to our competitiveness, creating jobs and contributing to economic growth, which is what our country is all about,” Trudeau said.
“These three markets will create millions of jobs and create billions of dollars in economic output for the Canadian market.”
Trudeau said the new trade deals are expected to create between 12,000 and 15,000 new jobs over the next 10 years.