San Pedro Sula, Honduras – Prime Minister Stephen Harper and the President of Honduras, Porfirio Lobo, today announced the conclusion of negotiations toward a Canada-Honduras free trade agreement. The announcement was made during an official visit to Honduras by Prime Minister Harper.
“Our Government received a strong mandate to implement our ambitious job-creating free trade plan that will benefit Canadians,” said Prime Minister Harper. “A free trade agreement with Honduras is a key part of our Government’s agenda to open new markets for Canadian businesses, create new opportunities for our workers and contribute to Canada’s future prosperity.”
A free trade agreement with Honduras will benefit Canadian workers and businesses in regions across the country and in many sectors of the Canadian economy, including agriculture, professional services, value added food processing and manufacturing, as well as commodity- and resource-based industries.
The Canada-Honduras Free Trade Agreement, including strong parallel agreements on labour standards and practices, and environmental protection, will come into force once both countries complete their domestic ratification processes.
Since 2006, Canada has launched an ambitious free trade plan, increasing opportunities for Canadian workers and businesses by concluding new free trade agreements with eight countries: Colombia, Jordan, Panama, Peru and the European Free Trade Association member states of Iceland, Liechtenstein, Norway and Switzerland. Negotiations are also under way with the European Union and India, which, taken together, could boost Canada’s economy by at least $18 billion.
CANADA-HONDURAS FREE TRADE AGREEMENT
The Government of Canada is committed to an ambitious free trade and investment agenda that will create new opportunities for Canadian businesses and workers. Prime Minister Stephen Harper, along with the President of Honduras, Porfirio Lobo, announced the conclusion of negotiations toward a Canada-Honduras free trade agreement.
Canada and Honduras agreed to pursue bilateral negotiations in October 2010, following almost nine years of talks between Canada and the Central America Four countries of El Salvador, Guatemala, Honduras and Nicaragua. Canadian and Honduran officials met in Ottawa in December 2010, in Tegucigalpa, Honduras, in February 2011, and again in Ottawa in July 2011 to advance discussions.
Honduras offers promising opportunities for Canadian businesses and workers. In 2010, two-way merchandise trade between Canada and Honduras totalled $192 million. Canadian exports to Honduras totalled $40.8 million and consisted mainly of fertilizers, machinery and dye. Canadian merchandise imports from Honduras totalled $151.2 million, consisting mainly of fruits, and knit and woven apparel.
According to Statistics Canada, the stock of Canadian direct investment in Honduras reached $110 million at the end of 2008. Canadian companies active in Honduras are involved in the apparel, mining and manufacturing sectors, among other areas.
Canada is carving out a free trade leadership role in the Americas. In the region, we have concluded agreements with the United States, Mexico, Chile, Costa Rica, Peru, Colombia and Panama, and will continue to pursue free trade agreements across the hemisphere.
Canada has 6 FTAs in force, with a total of 10 countries: NAFTA (United States, Mexico), Israel, Chile, Costa Rica, European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland) and Peru. On August 15, 2021 a 7th agreement with Colombia will enter into force.
FTAs with Panama and Jordan have been signed and negotiations with Honduras have concluded.
Free Trade Agreements are in various stages of negotiations with the following 51 countries: Ukraine, Morocco, European Union (27 Member States), Caribbean community – CARICOM (Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Lucia, St. Kitts and Nevis, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago), Dominican Republic, Central America Three (El Salvador, Guatemala and Nicaragua), India, South Korea and Singapore.