Ghostboard pixel
News

Ontario and New Jersey Formalize Trade Agreement

Justin Barber

— 1 min read
Ontario and New Jersey Formalize Trade Agreement
Photo by Bernd 📷 Dittrich / Unsplash

Ontario and New Jersey have signed a Memorandum of Understanding (MOU) intended to enhance trade and investment between the two regions. The agreement was finalized during a meeting in Toronto attended by Premier Doug Ford and New Jersey Governor Phil Murphy.

Per the Ontario government, key details of the MOU include:

  • The agreement aims to strengthen the long-standing trade relationship between Ontario and New Jersey.
  • It focuses on reducing trade and investment barriers and identifying new opportunities for collaboration in various sectors, including life sciences, advanced manufacturing, and agriculture.
  • The MOU also seeks to promote energy and energy infrastructure cooperation, leveraging Ontario's expertise in nuclear operations and clean energy supply.
  • In 2023, trade between Ontario and New Jersey was valued at approximately $9.8 billion CAD, with an additional $15 million CAD in foreign direct investment.
  • The agreement is part of Ontario's broader strategy to enhance trade with U.S. states, which includes pursuing additional agreements to create jobs and streamline trade opportunities for Ontario businesses.

Read more