Free Trade Critical to Expanding Trade Opportunities for Both United States
and Minnesota -- BMO Economics
MINNEAPOLIS and ST. PAUL, Minn., Oct. 4, 2012
MINNEAPOLIS and ST. PAUL, Minn., Oct. 4, 2012 /PRNewswire/ --The Canada-U.S.
Free Trade Agreement (FTA), signed 25 years ago, has played a critical role in
the expansion of trade with our northern neighbors, both for Minneapolis and
the United States as a whole, according to BMO Economics.
"Trade between Canada and the United States has grown at an annualized rate of
5 per cent since 1990," said Doug Porter, Deputy Chief Economist, BMO Capital
Markets. "Despite currency fluctuations, global commodity prices, and two
deep downturns, trade between the two countries has strengthened considerably
since the start of the FTA."
"Trade between Canada and Minnesota has increased at an annualized rate of
over 8 per cent since the FTA came into effect," said Todd Senger, Managing
Director, BMO Harris Bank. "Free trade has clearly been a success for
Minnesota businesses, placing them in a strong position for future growth."
Porter also noted that foreign direct investment between the two countries has
grown considerably since the signing of the FTA. "U.S. direct investment in
Canada has jumped from $63 billion at the end of 1988 to $319 billion by the
end of 2011. As well, the stock of Canadian FDI in the U.S. has risen from
$42 billion to $270 billion."
Canadian Trade Value With U.S. States (1990-2011) % change annualized rate
NEW HAMPSHIRE 13.1
NEW MEXICO 12.2
WEST VIRGINIA 7.9
NORTH DAKOTA 7.9
SOUTH DAKOTA 7.9
RHODE ISLAND 6.8
SOUTH CAROLINA 6.6
NORTH CAROLINA 5.9
NEW JERSEY 5.5
NEW YORK 3.7
About BMO Harris Bank
Based in Chicago, BMO Harris Bank N.A. provides a broad range of personal
banking products and solutions through over 650 branches and approximately
1,350 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota,
Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team
provides a combination of sector expertise, local knowledge and mid-market
focus throughout the U.S. Deposit and loan products and services provided by
BMO Harris Bank N.A. Member FDIC. BMO Harris Bank^SM is a trade name used by
BMO Harris Bank N.A. BMO Harris Bank is part of BMO Financial Group, a North
American financial organization with 1,600 branches, and a retail deposit base
of approximately $180 billion.
SOURCE BMO Harris Bank
Contact: Beth Copeland, +1-317-269-1395, email@example.com
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