Some Ontario products will soon be making their way overseas to Europe, all thanks to the latest collaboration and funding announcement between the federal and provincial governments.
The news comes as Canada looks to diversify its exports in response to tariffs levied by U.S. President Donald Trump. Last week, he imposed a 50 per cent tariff on various Canadian goods to take effect on Aug. 19.
The new program, dubbed GoEU, will help up to 70 Ontario companies diversify their market reach and explore export opportunities in Europe, said Minister Evan Solomon, who is responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
Solomon said the Toronto Business Development Centre (TBDC) is taking on the $5 million project — half of which is being funded through FedDev Ontario and the remaining half by Ontario. TBDC is a non-profit established by the City of Toronto that helps Ontario and European businesses expand.
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Vikram Khurana, chairman of the TBDC, said the organization will help “de-risk” the journey Ontario companies take when venturing out of their comfort zones outside North America.
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Canada opening exports office as part of strategy to diversify trade
The federal government is opening a new strategic exports office as part of its plan to diversify trade.
The office, announced in Budget 2025, will be housed under Global Affairs Canada and will be tasked with removing trade irritants, lifting market access barriers and addressing infrastructure gaps …
Global Affairs Canada said the council will provide a space for “strategic dialogue” between the government and private sector leaders on trade diversification and the operations of the strategic exports office …