Boosting Economic Recovery Through Trade
Ontario and Maryland Sign Historic Investment and Procurement Agreement
Today, our PC government was pleased to announce Ontario’s first strategic investment and procurement agreement (SIPA) with the State of Maryland that will increase trade, attract investment, and encourage job creation in both jurisdictions. Areas of focus will be advanced manufacturing, infrastructure, and the agri-food sector.
“This historic agreement provides us with a tremendous opportunity to leverage our strong trade ties to accelerate the mutual recovery of our two economies,” said Doug Ford, MPP for Etobicoke North and Premier of Ontario. “Whether it’s securing our PPE or auto sector supply chains, this partnership can help us both overcome our current challenges, create jobs, and help businesses on both sides of the border grow and prosper.”
The agreement includes activities to:
- Increase investment, job creation, and two-way trade in both jurisdictions. Areas of focus will be advanced manufacturing, infrastructure, and the agri-food sector.
- Collaborate to help mitigate the impacts of unforeseeable events, such as natural disasters or public health emergencies, which includes sharing best practices to support ongoing responses to the COVID-19 pandemic.
- Create a first-of-its kind Procurement Cooperation Council, improving transparency and engagement on government purchasing for businesses based in Ontario and Maryland.
- Track the agreement’s effectiveness against key performance metrics, such as total two-way trade, total foreign direct investment, and the total number of Ontario-Maryland foreign direct investment projects.
The economic downturn resulting from COVID-19 is an even greater incentive to maintain our longstanding and positive trade relationships to ensure Ontario businesses have access to the world’s markets. Strengthening our unique trading partnership will ensure that everyday consumers, workers, and businesses can emerge from this period of economic uncertainty in a position of strength.