Every province and territory in Canada have signed on to a new internal trade deal – an agreement that’s expected to add billions to the economy.
The Canada Free Trade Agreement will also streamline trade among each province while reducing the cost of doing business; taking effect July 1st this year, it replaces the Agreement on Internal Trade, which only applied to specific sectors of the economy.
With CFTA, it encompasses all sectors except when exemptions are listed which include taxation, water and tobacco control.
Manitoba Growth, Enterprise and Trade Minister Cliff Cullen says it will allow Manitoba businesses to compete on a level playing field.
Officials say the reason for the new deal, was adapting to a new economic environment while trying to stay competitive with other markets world-wide.