How essential is CUSMA for Japanese auto manufacturing in Canada?

How essential is CUSMA for Japanese auto manufacturing in Canada?

As the Canadian government prepares to review the Canada-U.S.-Mexico Agreement (CUSMA) this summer — a deal the U.S. president is signalling he’s prepared to abandon — Japan’s ambassador is reminding Canada just how high the stakes are for a key component of Ontario’s economy.

Japan’s Ambassador to Canada Kanji Yamanouchi says continued access to the U.S. market, as provided for under CUSMA, is essential for current and potential increased Japanese investment in auto manufacturing in Canada.

“That is the critical condition,” Yamanouchi said in an interview on CTV Question Period airing Sunday. “Canada is of course a G7 country. Your GDP is one of the top ten countries — $2.5 trillion. But you know the size of the U.S. market — $30 trillion.”

“All those cars made in Canada, of course sold in Canada, but at the same time, exported to the U.S market,” added Yamanouchi. “Private companies, that means they have to calculate to increase profit. So CUSMA is a very important part of the calculation.”

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