Canada will strengthen its trade relations with Europe as Minister Mary Ng embarks on a strategic visit to Greece and Italy. She will then participate in the G7 Ministerial Meeting on Trade in Italy.
Strengthening Bilateral Relations in Greece and Italy
Minister Mary Ng, Canada’s Minister of Export Promotion, International Trade and Economic Development, will visit Athens, Greece, and Rome, Italy, from July 11 to 15, 2024.
This visit aims to deepen bilateral relations and promote trade and investment between Canada and these key European nations.
Promoting Trade in Greece
In Athens, Minister Ng will engage with Greek officials and business leaders to underscore the benefits of the Canada-European Union Comprehensive Economic and Trade Agreement (CETA).
Since its provisional application in 2017, CETA has been pivotal in enhancing trade relations between Canada and Greece. Minister Ng’s visit is expected to reinforce these ties and open new avenues for Canadian businesses.
Enhancing Economic Ties in Italy
Minister Ng’s visit to Rome will focus on bolstering economic ties with Italy, Canada’s second-largest EU partner for merchandise trade. In 2023, bilateral goods and services trade between Canada and Italy surpassed $15 billion.
The recent opening of a Canadian consulate in Milan highlights Canada’s commitment to strengthening its footprint in Italy’s primary industrial and technology region.
G7 Ministerial Meeting on Trade
Following her bilateral visits, Minister Ng will attend the G7 Ministerial Meeting on Trade in Villa San Giovanni and Reggio Calabria, Italy, from July 16 to 17. This high-level meeting will provide a platform for Canada to advance its trade priorities on the global stage.
Main Topics at the G7 Meeting
At the G7 meeting, Minister Ng will focus on several critical issues:
- Supply Chain Resilience: Discussions will address strategies to strengthen and diversify global supply chains, ensuring stability and reliability.
- Trade and Environment: Minister Ng will advocate for sustainable trade practices that support environmental goals.
- Global Economic Prosperity: Emphasis will be placed on collaborative efforts to boost global economic growth and prosperity.
These discussions align with Canada’s broader trade policy goals of maintaining an open, rules-based international trading system.
Quotes and Statements
“Greece and Italy are important strategic trade partners for Canada and offer many opportunities for Canadian businesses to grow and succeed. I am also looking forward to meeting my G7 partners to advance shared trade priorities to benefit our businesses and workers around the world,”
said Minister Mary Ng.
Additional Facts
- Canada-Greece Trade: In 2022, bilateral trade in services between Canada and Greece was valued at $2.2 billion.
- Canada-Italy Trade: Italy ranks as Canada’s second-largest EU partner for merchandise trade and fourth-largest goods and services trading partner in the EU.
- New Consulate in Milan: Opened in October 2023, the consulate aims to strengthen Canada’s presence in Italy’s key industrial and technology region.
- G7 Overview: The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and the European Union. Canada last held the G7 presidency in 2018 and will host the summit again in 2025 in Kananaskis, Alberta.
Likely Impact on Canadian Trade Policies
Minister Ng’s attendance at the G7 Trade Ministers’ Meeting is expected to shape Canadian trade policies in several ways:
- WTO Reform: Canada will reaffirm its commitment to working on World Trade Organization reform priorities, crucial for maintaining a stable, rules-based international trading system.
- Rules-Based Trade: Support for a fully functioning WTO dispute settlement system will be emphasized, aligning with Canada’s trade policy goals.
- Fisheries Subsidies: Canada’s commitment to ratifying the Agreement on Fisheries Subsidies will likely influence domestic policies related to fisheries management.
- Supply Chain Resilience: Discussions will inform policies aimed at strengthening and diversifying Canadian supply chains.
- Environmental Sustainability: Trade and environmental sustainability discussions may lead to new Canadian initiatives or commitments.
- Digital Trade: Canada’s approach to regulating and promoting digital commerce will be shaped by discussions on digital trade issues.
- Forced Labor: The G7’s focus on eliminating forced labor in global supply chains could result in new Canadian policies or enforcement measures.
- Global Challenges: Coordination on addressing geopolitical tensions’ impact on international trade will influence Canada’s trade strategies.
Canada’s Role in Global Trade
By participating in these high-level discussions, Minister Ng will align Canadian trade policies with G7 partners while advocating for Canada’s specific interests.
This engagement underscores Canada’s commitment to promoting a stable, rules-based international trading system that benefits Canadian businesses, workers, and communities.
The Takeaway
Minister Mary Ng’s upcoming visit to Greece and Italy, followed by her attendance at the G7 Ministerial Meeting on Trade, represents a significant opportunity for Canada to strengthen its trade relations with key European partners and advance its interests on the global stage.
Through these engagements, Canada aims to reinforce its commitment to sustainable, inclusive, and prosperous trade practices that benefit both domestic and international stakeholders.
Sources: THX News, The Global Governance Project, G7 Italia & Global Affairs Canada.
