Acting Deputy Secretary Rebecca Blank is in Ottawa, Canada today and gave remarks before the American Chamber of Commerce. She discussed U.S.–Canada commercial relations and how the free flow of goods and services results in huge economic benefits for both countries. She also highlighted the benefits of creating jobs and economic growth on both sides of the border.
Increasing trade between the two countries will help reach President Obama’s National Export Initiative goal of doubling U.S. exports in 5 years. To reach that goal, Blank emphasized that 2011 needs to be another banner year for U.S.-Canada trade. In 2010, U.S. exports to Canada reached $248.8 billion.
In fact, the U.S.–Canada economic relationship is unparalleled in the world. We are each others’ largest trading partners.
- Over $250 billion of direct investment comes from each country into the other.
- In 2010, U.S. exports to
Canada reached $248.8 billion.
- U.S. exports to Alberta in 2010 ($12 billion) were double U.S. exports to Russia.
- U.S. exports to Quebec in 2010 (nearly $18 billion) were nearly the same as U.S. exports to India in the same period. And,
- U.S. exports to Ontario in 2010 exceeded U.S. exports to Brazil, Russia, India and China combined.
In the past year alone, U.S.-Canada bilateral trade increased more than 20 percent. Over the past two decades, U.S.-Canada trade has tripled.
Blank said the U.S. and Canada have a unique relationship, sitting next to each other with two of the physically largest countries in the world. She noted that the two economies are linked and the growth of trade over the past several decades suggests that Americans and Canadians can do even more business together in the future.
Also while in Canada, Acting Deputy Secretary Blank met with Minister of International Trade Edward Fast, Deputy Minister Louis Levesque and Deputy Minister of Industry Richard Dicerni.