Consumers and businesses in Nova Scotia will benefit from improved trade within Canada with the implementation of the Canadian Free Trade Agreement(CFTA) on July 1.
“Over half of Nova Scotia’s trade in goods and services occurs within Canada,” said Premier Stephen McNeil. “This modern set of rules to guide domestic trade gives Nova Scotia companies more opportunity to do business across provincial and territorial boundaries, and a clear process to address barriers.
“The CFTA builds on work we are doing with our Atlantic partners to reduce regulatory and administrative barriers to trade. Canada’s 150 celebration is a fitting opportunity to bring into force this modern, Canada-wide agreement as we continue efforts to create jobs for young Nova Scotians and more opportunity for the middle class.”
Since December 2014, federal, provincial and territorial governments have worked to modernize Canada’s internal trade. The CFTA resulted from these negotiations.
“The CFTA will make it easier and less costly for Nova Scotia businesses to sell their goods and services across Canada,” said Geoff MacLellan, Minister of Trade. “It increases choice for consumers, expands access to government contracts in other provinces, and creates more jobs for Canadians.”
CFTA includes rules that open trade in goods and services, processes that cut red tape by reducing differences in regulations and standards, and provisions that increase access to billions of dollars in government procurement opportunities for Canadian businesses.
Nationally, internal trade is worth $400 billion and represents roughly 20 per cent of Canada’s gross domestic product (GDP).
The agreement also establishes a new framework to review interprovincial trade over the next year in areas like alcohol, fisheries, the territorial food sector and financial services.
The CFTA will replace the existing Agreement on Internal Trade which has been in place since 1995.