Ontario and New Jersey Formalize Trade Agreement
Ontario and New Jersey have signed a Memorandum of Understanding (MOU) aimed at enhancing trade and investment between the two regions. The agreement was finalized during a meeting in Toronto between Premier Doug Ford and New Jersey Governor Phil Murphy.
The MOU focuses on several key areas:
- Economic Collaboration: The agreement seeks to strengthen the long-standing trade relationship between Ontario and New Jersey, which was valued at approximately $9.8 billion CAD in 2023.
- Sectoral Cooperation: It will promote collaboration in sectors such as life sciences, advanced manufacturing, information and communications technologies, energy, agriculture, and financial services.
- Job Creation: The MOU aims to create jobs and economic opportunities by integrating cross-border supply chains and launching new industries.
- Energy Cooperation: The parties have agreed to explore opportunities in energy infrastructure, leveraging Ontario's expertise in nuclear operations and clean energy supply chains.
Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade, stated that the agreement identifies areas of mutual advantage and aims to increase two-way trade. The MOU is part of Ontario's broader strategy to enhance trade with U.S. states, which includes pursuing additional agreements to streamline trade opportunities and grow the economy.
The agreement reflects a commitment to fostering economic growth and maintaining competitiveness in a global context.