The Ontario Chamber of Commerce

Global Opportunities

Taking advantage of new opportunities in the global economy

Cross-border trade with the United States is, and will always be, important for Ontario. Benefits from this relationship need to be maximized, but Ontario must also ensure that it is prepared to take advantage of diverse opportunities across the globe.

The Good News…

• Ontario’s exports to the eight Great Lakes states totalled $66 billion in 2010
• The Canada-EU Comprehensive Economic and Free Trade Agreement is expected to increase bilateral trade by 20% ($12 billion annually) and produce approximately 80,000 new jobs

The Challenges…

• The U.S. industrial corridor faces slow growth prospects but remains Ontario’s primary export market
• China, India and Brazil have been identified as some of the most important markets for the future of Ontario, but less than 2% of Ontario’s exports are currently destined for these countries
• The estimated cost of border delays to Ontario is between $8 and $15 billion per year
• There are currently over 400 separate regulations related to cross-border trade and an estimated 5,000 annual changes to these regulations

How do we take advantage of new opportunities in the global economy?

1. Ensure federal economic policy is focused and strategic: government should focus its investments and policies on high-potential sectors where Ontario has a competitive advantage
2. Leverage immigrant networks: use the global cultural linkages of Ontario’s immigrant communities to facilitate trade with emerging economies
3. Diversify trade partnerships: pursue trade relationships with emerging economies in Asia and Latin America
4. Ensure that key export-facilitating organizations are aligned to a clearly-articulated provincial export strategy
5. Invest in multi-modal transportation infrastructure: identify and invest in strategic transportation targets, and provide adequate and predictable funding for municipal infrastructure needs
6. Build the Detroit River International Crossing (DRIC): continue working to ensure that the DRIC is approved and built to accommodate the expected doubling of cross-border trade flows over the next 30 years