OTTAWA, Canada – A delegation of Canadian and African Union Commission (AUC) representatives met on November 6, 2024, in Toronto, Ontario, to continue discussions that started during the first Canada-AUC Trade Policy Dialogue, in May 2023.
During the day-long meeting, Canadian and AUC officials exchanged ideas on important trade policy issues including:
- Digital trade;
- Investment policy;
- State-owned enterprises;
- The World Trade Organization Agreement on Fisheries Subsidies and WTO-dispute settlement reform.
“A mutually beneficial trade partnership between Canada and the African Union is a good thing for Canadians and Africans alike. Our economies will flourish thanks to ongoing discussions such as this week’s Trade Policy Dialogue. I look forward to strengthening our economic relationship and continuing our engagement with the African Union Commission, ” said minister Ng.
Both parties reaffirmed their commitment to strengthening an open, inclusive and rules-based trade and investment system. Highlights from the Trade Policy Dialogue were shared in a joint statement published by Canada and the AUC.
Mary Ng, minister of export promotion, international trade and economic development, and ambassador Albert Muchanga, AU commissioner for economic development, trade, tourism, industry and minerals, said they were happy with the outcome of the discussions.
In the evening, minister Ng and commissioner Muchanga joined the Canadian and AUC delegation for a reception hosted by the Canada-Africa Chamber of Business. It was an opportunity for stakeholders and attendees to connect and build a foundation for mutual economic opportunities.
Quick facts
- In the last five years, the value of 2-way merchandise trade between Canada and the African continent increased from around $9.7 billion to more than $16.3 billion, an increase of more than two thirds.
- Canadian investments on the African continent grew at a 4.3 perecnt compound annual growth rate from 2018 to 2023, reaching $12 billion last year. African foreign direct investment stock (by ultimate investor country) in Canada amounted to $2.1 billion in 2023.
- The Canada-AUC Trade Policy Dialogue preceded the Canada-AUC High-Level Dialogue on November 7, 2024. During the High-Level Dialogue, ministers Joly, Ng and Hussen reaffirmed Canada’s commitment to deepening its engagement across the African continent.
Canada – African Union Commission to host high-level and trade policy dialogues
The post Canada and African Union Commission conclude second trade policy dialogue appeared first on Caribbean News Global.
