Australian and Canadian organizations sign new agreement to boost trade and investment

Australia’s and Canada’s two leading business organizations today signed an agreement to strengthen trade and investment, on the sidelines of Canadian Prime Minister Mark Carney’s visit to Australia.

The Business Council of Australia (BCA)and the Business Council of Canada (BCC) signed 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.

The agreement comes following this week’s release of the BCA’s landmark Global Investment and Competitiveness Index, which ranked Australia second in the world for trade, up from 11^th in 2019, reflecting Australia’s strong commitment to open trade.

BCA Chief Executive Bran Black said the agreement came at a time of increased global uncertainty, reinforcing the importance of strengthening connections with trusted partners such as Canada.

“With one in four Australian jobs and around 46 per cent of our GDP being trade-dependent it is clear expanding our global partnerships delivers real benefits for all Australians,” Mr Black said.

“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 Chief Executive Officer, Goldy Hyder said: “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.”