NEWS RELEASES
SIGNATURE OF AN ARRANGEMENT ON TRADE AND ECONOMIC CO-OPERATION BETWEEN CANADA AND NORWAY
December 3, 1997 No. 201
SIGNATURE OF AN ARRANGEMENT ON TRADE AND ECONOMIC CO-OPERATION
BETWEEN CANADA AND NORWAY
International Trade Minister Sergio Marchi today signed an Arrangement on Trade
and Economic Co-operation with Norwegian Minister of Foreign Affairs and Trade
Knut Vollebaek. This Arrangement will further enhance economic relations between
the two countries, stimulate increased co-operation in a variety of areas of
mutual concern, and encourage alliances between Canadian and Norwegian companies.
"Norway is a valued trade and investment partner for Canada. This arrangement
should strengthen our collaboration in multilateral forums, and bilaterally, will
be of mutual benefit," said Mr. Marchi. "Through this arrangement, we will
identify and analyse our trade and investment flows with a view to enhancing the
bilateral trade and investment relationship."
A consultative group will be established to ensure the implementation of the
Arrangement on Trade and Economic Co-operation and the fulfilment of its
objectives.
In conformity with their international commitments, Norway and Canada will
endeavour to create the most favourable conditions for liberalization of trade in
goods and services, and investment between them, in accordance with a Joint Work
Program. This program will also encourage the expansion of trade and investment
between the Canadian and Norwegian private sectors, by fostering regular exchanges
of information on opportunities for trade, investment and other promotional
initiatives.
Trade relations between Canada and Norway have increased appreciably over the last
three years. Norway is Canada's 18th-largest export market and its fifth-largest
European trading partner -- the largest among the Nordic states. In 1996, bilateral
trade exceeded $3.6 billion. Petroleum products represented the major part of
Canada's $2.8 billion in imports from Norway, while Canadian exports, consisting
mostly of base metals and minerals, aircraft, lumber, food products, electronics
and telecommunications equipment, totalled $848 million.
Norwegian direct investment in Canada has risen by more than 1000 percent since
1985. Total Norwegian investment in Canada amounts to over $553 million, with the
largest being Norsk Hydro's magnesium plant in Bécancour, Quebec. Significant
Norwegian capital has also been invested in Canada's offshore oil and gas
industry, aquaculture, transportation and pulp and paper.
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For further information, media representatives may contact:
Leslie Swartman
Office of the Minister for International Trade
(613) 992-7332
Media Relations Office
Department of Foreign Affairs and International Trade
(613) 995-1874
This document is also available on the Department's Internet site:
http://www.dfait-maeci.gc.ca
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