Deputy Secretary Thomas Nides for Management and Resources today said that Canada is still the number one trading partner of United Sates, and Canada is central to US economic statecraft.
In his remarks at U.S.-Canada Innovation Conference in Canada, Mr. Nides said the United States is making it a diplomatic priority to help connect American companies with international opportunities. He said it means means they have to break down barriers to trade, investment and fair competition so that their presence around the world drives American economic recovery at home. We also view a strong economy as critical to American leadership
“Pundits often talk about the importance of trade with Asian economies or the BRIC countries. But make no mistake, Canada is still our number one trading partner, and Canada is central to our economic statecraft. Trade between Canada and the United States is so large that just the increase in trade between our countries – $96 billion last year – is more than total U.S. bilateral trade with Brazil. It’s double our bilateral trade with India. And it’s triple our bilateral trade with Russia.” -Mr. Nides
He stressed that the U.S.-Canadian trade relationship is similarly critical to the Canadian economy. He said the increase in trade between the United States and Canada in 2010 was more than ALL of Canada’s combined trade with China and Mexico. He added that this same increase was nearly five times greater than ALL of Canada’s trade with the Asian Tiger economies of Singapore, Korea, Taiwan and Hong Kong. He sadi Canada trades more with the United States in a two-month period than it does with all the BRIC countries in a year.
“The fundamentals of our relationship with Canada are so strong that we have a rare opportunity to fine tune the details and create a virtuous circle of economic growth that will propel both our nations forward.” – Mr. Nides
He said both countries continue working to lower the remaining barriers. He stressed both countries will open up new avenues for innovation and cooperation between their businesses, their scientists, and their local governments. He added that innovation can spur new North American ventures that create jobs and sharpen its competitive edge in the global marketplace. He stressed it will create new opportunities for exports and open up new markets.
“We are continental partners encountering global challenges shoulder to shoulder from Libya to Afghanistan. The only question is how we can leverage our existing relationship to better unleash the natural innovative engines of our people – and how we can better work together to protect and advance our shared values of fairness, openness, and mutual responsibility as the international economic order evolves.” -Mr. Nides