Ontario and New Jersey Formalize Trade Agreement

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.