Canadian Ministers: eliminate remaining tariffs critical to creating jobs and growth

09:25, March 10, 2010      

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Canadian Finance Minister Jim Flaherty and International Trade Minister Peter Van Loan said Tuesday that measures in Budget 2010 to eliminate all remaining tariffs on manufacturing inputs and machinery and equipment would be critical to creating jobs and growing the economy.

"Making Canada a tariff-free zone for manufacturers will keep us ahead of the pack and show the rest of the world that we're open for business," said Flaherty. "It will help keep good manufacturing jobs here in Canada, and create many more."

According to the budget 2010, the Canadian government will eliminate all remaining tariffs on machinery and equipment and goods imported for further manufacturing and make Canada a tariff- free zone for industrial manufacturers, providing annual duty savings for Canadian business of 300 million Canadian dollars ( about 292.65 U. S. dollars).

"Eliminating these tariffs will encourage our companies to acquire the equipment, parts and machinery they need to become more competitive," said Van Loan."Along with our aggressive trade agenda, this initiative will help Canadian companies and workers compete and win in markets around the world."

The majority of these 1,541 tariffs were eliminated March 5, 2010, with the remainder being gradually eliminated by no later than January 1, 2015. When the second phase of tariff relief is fully implemented, more than 5 billion dollars in imports will be liberalized.

This tariff elimination, which will position Canada as the first among its G20 partners to allow manufacturers to operate without the cost of tariffs on inputs and machinery and equipment, is expected to result in the creation of up to 12,000 jobs over time.

Source Xinhua
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