Canada also holds a strategic position and serves as a privileged gateway to important markets, both thanks to participation in’Free trade agreement with the United States and Mexico, a market with a Gross domestic product of $30 trillion, both thanks to the developed network of infrastructure in the area.
Companies that decide to expand their business in Canada also have the advantage of having access to a highly educated local workforce. Canada is indeed the first among OECD countries for post-secondary education completion rates, making the country a particularly favorable environment all activities of R&D and to the Investment in technologies and innovation, especially regarding advanced manufacturing, AI, and ICT in its various forms such as big data, cybersecurity, AR-VR, and Cleantech.
In addition, thanks to the Joint action plan in technological and scientific innovation Between Canada and Italy, we have identified areas of collaboration between the two countries that primarily concern marine and biological sciences, the aerospace industry, agriculture, and the agri-food sector.
Italy is currently one of the main business partners from Canada into the EU, thanks in part to the entry into force in 2017 of the Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union, which eliminated 98% of import duties. In fact, in 2022, canadian exports have increased by 4,2% for a total of C$3.24 billion, compared to C$3.11 billion in the previous year. Also Canadian imports from Italy have continued to grow with an increase of 5.12%, totaling $9.46 billion compared to $8.99 billion in 2021.
Among the our major exports machinery, motor vehicles and means of transport, beverages, alcoholic drinks (wine in particular) and food products are listed. In the latter sector Italy is the leading European supplier And the fourth globally.
As for imports, also in 2022, have registered important achievements In the following areas:
– Growth of 34% of pharmaceutical products. (especially pharmaceuticals, vaccines, and immunologicals) for a total of $729 million
– 48% increase of gemstones (mainly jewelry and precious metals such as platinum) reaching $296 million
– 10.4% increase in leather goods
Canada therefore represents an interesting opportunity for Italian companies as it offers ample possibilities for growth in various sectors, along with a particularly open and advantageous business environment.
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