CalChamber Joins Canadians in North American Rebound Campaign
Tuesday, September 01, 2020
Promoting a collaborative manufacturing response to COVID-19 in North America is the goal of a program started by the Canadian American Business Council (CABC) and joined by the California Chamber of Commerce along with manufacturers, businesses and chambers from all over the United States and Canada.
The program is called the North American Rebound Campaign.
In joining the North American Rebound Campaign, CalChamber Vice President for International Affairs Susanne T. Stirling said, “California and Canada are longtime friends and partners in many areas, including trade, investment, academic and scientific collaboration, and tourism. The California Chamber of Commerce enthusiastically supports free trade worldwide, expansion of international trade and investment, fair and equitable market access for products, and elimination of disincentives that impede the international competitiveness of business. During this worldwide pandemic, North America must stand together to further strengthen our economic ties and enhance opportunities to ensure continued growth and job creation.”
More than any two countries in the world, the U.S. and Canada make things together as integrated economic partners. The U.S. sells more goods to Canada than to any country—more than it sells to China, Japan, and the United Kingdom combined.
A common cross-border manufacturing response in tackling the COVID-19 public health crisis will help the U.S. and Canadian economies rebuild and recover.
The North American Rebound Campaign will work to achieve the following objectives:
- Securing the availability of personal protection equipment (PPE) in both countries;
- Designing Canada-U.S. manufacturing solutions to replenish and maintain strategic stockpiles of medical equipment;
- Continuing to ensure people and goods cross the border efficiently without interrupting critical supply chains;
- Expanding market opportunities between the U.S. and Canada in order to spur recovery and compete globally
Maintaining an open and efficient supply chain through and beyond COVID-19 will save lives and help the fight against this pandemic. It will provide the infrastructure required for jumpstarting the economy to compete with other regions of the world in the rapidly changing global economic environment.
The United States and Canada enjoy the largest bilateral trade and investment relationship in the world. In 2019, two-way trade in goods between Canada and the United States topped $612 billion. Exports to Canada were $292 billion, making it the largest export destination for the U.S.
- Canada is the top export destination for 35 states.
- More than 8 million U.S. jobs depend on trade and investment with Canada.
- Canada is the United States’ largest and most secure supplier of energy: oil, natural gas, electricity and nuclear fuel.
- 400,000 people cross the Canada–U.S. border daily (pre-COVID).
Canada has remained California’s second largest export market since 2006, with a total value of more than $16.6 billion in 2019 (9.6% of all California exports). California also exports $9.2 billion in services to Canada. California imports $26.8 billion from Canada.
Computers and electronic products remained California’s largest exports, accounting for 28.6% of all California exports to Canada. Exports of agricultural products and transportation equipment from California to Canada totaled $2.47 billion and $1.7 billion, respectively. Food manufactures totaled $1.35 billion. California imports from Canada were composed of transportation equipment, food manufactures, chemicals, and reimports.
In California, the No. 4 country for foreign direct investment (FDI) through foreign-owned enterprises (FOEs) is Canada. Canadian FOEs in California provide more than 61,841 jobs through 1,583 firms, which amounts to $5.9 billion in wages. The top jobs by sector are: manufacturing, professional/business services, financial activities, wholesale trade and retail trade.
Category: International Trade, International News, COVID-19, Economic News, Foreign Direct Investment