Australian and Canadian business councils sign new agreement to boost trade and investment
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The news: The Business Council of Australia (BCA) and the Business Council of Canada (BCC) have signed a new agreement to strengthen trade and investment, on the sidelines of Canadian Prime Minister Mark Carney’s visit to Australia.
The context: The BCA and BCC agreed a memorandum of understanding (MOU) to “encourage greater business-to-business engagement by identifying opportunities to expand trade and investment between Australian and Canadian companies”.
The MOU was witnessed by Australian Minister for Trade and Tourism Don Farrell and New South Wales Minister for Industry and Trade Anoulack Chanthivong.
What they said: “With one in four Australian jobs and around 46% of our GDP being trade-dependent it is clear expanding our global partnerships delivers real benefits for all Australians,” said BCA chief executive Bran Black.
“Australia and Canada share many similarities, such as open, resource-rich economies with strong rule of law and a commitment to free and fair trade, making this partnership a natural fit.
“Two-way trade and investment between Australia and Canada continues to grow, supported by both countries’ participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.”
BCC president and CEO Goldy Hyder commented: “Australian and Canadian companies share a commitment to growth and economic resilience. Today’s agreement reflects our determination to strengthen ties across sectors, including energy, mining, innovation, and infrastructure.
“This agreement ensures our business communities remain aligned as our governments pursue deeper Asia-Pacific engagement.”
The source: BCA media release
