Ontario and New Jersey Sign Agreement to Boost Trade and Investment
September 9, 2024
New agreement promotes deeper cross-border collaboration to drive economic growth
On September 8, Ontario and New Jersey finalized a new Memorandum of Understanding (MOU) aimed at boosting cross-border trade and investment, promoting greater economic collaboration and creating good-paying jobs on both sides of the border.
The MOU was signed by Premier Doug Ford and Phil Murphy, Governor of New Jersey, following a meeting in Toronto.
“Ontario and New Jersey have both benefited from a long-standing trade relationship, and this agreement will further strengthen our collaboration, driving economic growth for both jurisdictions,” said Premier Doug Ford. “At a time of global instability, it has never been more important for Ontario and our U.S. partners to work together to create more jobs and prosperity, promote our shared values and protect our shared national security interests. Now is the time to bet big on the U.S.-Canada relationship.”
“Through this agreement, New Jersey and Ontario will bring together our workers, innovators, students and entrepreneurs to collaborate on launching new industries and creating new economic opportunities — on both sides of the border,” said New Jersey Governor Phil Murphy. “Above all, this agreement will capitalize on the proud and thriving partnership that our governments and institutions have shared for decades, paving the way for innovation in artificial intelligence, fintech, digital health and so much more.”
This new agreement will build on the decades of economic partnership between Ontario and New Jersey, promoting collaboration to reduce trade and investment barriers while identifying new opportunities for strategic partnerships in the life sciences, advanced manufacturing and agriculture sectors. The parties have also agreed to pursue opportunities for cooperation in energy and energy infrastructure, leveraging Ontario’s expertise in world-class nuclear operations and its clean energy supply chain.
“As Ontario continues to pursue a targeted and responsible approach for fostering economic growth and job creation across the province, strengthening our relationship with our partners in New Jersey will help create the right conditions to ensure that both jurisdictions remain globally competitive,” said Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade. “In establishing this MOU, we’ve identified areas of mutual advantage and look forward to working with New Jersey to increase our two-way trade, further integrate our cross-border supply chains and drive growth in key industries.”
The agreement with New Jersey is part of Ontario’s strategy for trade with the United States. As part of the strategy, Ontario is pursuing additional agreements with state-level trading partners to create jobs, streamline trade opportunities for Ontario businesses and grow our economies.
Quick Facts
- In 2023, trade between Ontario and New Jersey was worth $9.8 billion (CAD), in addition to $15 million (CAD) in foreign direct investment.
- The new MOU will increase collaboration in sectors like life sciences, advanced manufacturing, information and communications technologies, energy, agriculture, agribusiness, agri-food technology, financial services and sports and tourism.
- There are approximately 85 Ontario-owned companies currently operating in New Jersey, with an estimated 120 New Jersey-owned businesses active in Ontario.
- In 2023, Ontario was the top export destination for merchandise trade for 17 states across the U.S. while ranking second for 11 others.
- If Ontario were a country, it would be the U.S.’s third-largest trading partner after Mexico and China in 2023.
Quotes
“As we work with companies across the life sciences and advanced manufacturing sectors, this collaboration will encourage investment, strengthen competitiveness and ultimately help us deliver greater growth opportunities to international businesses looking to expand in North America.”
– Michael Fedchyshyn
Interim CEO and VP Strategies & Business Solutions, Invest Ontario
Related Story
Ontario and Illinois Sign Agreement to Boost Trade and Investment
Ontario and Illinois finalized a new Memorandum of Understanding (MOU) to promote increased trade, attract investment and foster ongoing collaboration across key sectors such as automotive, agriculture, energy and advanced manufacturing.
The MOU was signed by Premier Doug Ford and J.B. Pritzker, Governor of Illinois, following a meeting in Toronto.
