Ontario aims to boost cross-border trade with New Jersey

Ontario and New Jersey have finalized a new Memorandum of Understanding (MOU) aimed at boosting cross-border trade and investment, promoting greater economic collaboration and creating employment on both sides of the border.

“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.”

This new agreement will build on the 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 nuclear operations and its clean energy supply chain.

“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.”

“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,” said Michael Fedchyshyn, interim CEO and vice-president of strategies and business solutions, Invest Ontario.

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 both economies.