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Google News title Ontario, Alberta set for $10 billion deal to help boost Canada economy article The Ontario government has announced it will sign a $10.5-billion trade deal with Canada’s second-largest economy to boost the province’s economy.
“We’re proud to have Ontario join with Alberta and the federal government in the commitment to expand opportunities for Canadian companies, workers and citizens,” Premier Kathleen Wynne said in a statement.
The deal would see Alberta invest $1.5 billion in Ontario’s research and development, creating more than 1,500 jobs.
The province has also announced it is planning to boost its exports of machinery and other equipment by nearly 10 per cent.
Alberta is also aiming to increase its exports to Canada by $1 billion by 2020.
The federal government is currently negotiating a free trade agreement with the province.
The move follows the announcement of a $1-billion investment in manufacturing by the federal and provincial governments last month.
In the statement, Wynne said the Ontario government is “ready to join the global movement for prosperity” and “to build a prosperous economy and create jobs.”
“Ontario will be the first Canadian province to receive the first-ever NAFTA-style investment, as well as Canada’s first province to enter into a fully-fledged FTA, when it becomes a fully participating member of the TPP in July 2021,” she said.
The Ontario deal is expected to add jobs, boost the economy and boost Ontario’s share of Canada’s overall economy to more than 12 per cent by 2020, according to the Ontario Chamber of Commerce.
The trade agreement will also bring Canada closer to its goal of creating more jobs than Canada has ever had before, according the provincial government.
The provinces goal is to have an economy that generates $12-billion of annual economic activity and $14-billion in new jobs.