The Provincial Government, led by the Honourable Dr. Andrew Furey, Premier of Newfoundland and Labrador, has taken decisive action to assemble leaders of industry, community and labour to develop strategies for securing new trading partners that reduce reliance on the U.S. market for Newfoundland and Labrador businesses.

This collaborative approach aims to leverage the expertise and insights of various sectors to build a robust and diversified Team NL trade network.

As part of the Provincial Government’s action to identify new export markets for Newfoundland and Labrador products, it will be leading a series of market development and expansion initiatives in the coming weeks.

The market development and expansion initiatives are designed to support new global markets, adaptation and expansion, supply chain resilience and business development activities for Newfoundland and Labrador’s exporters across a number of sectors.

This is part of the broader work of the Buy From Newfoundland and Labrador, Canada campaign, which Premier Furey launched earlier this month. A diverse multimedia awareness campaign designed to support industries, workers and those working in the support and service sectors, the campaign aims to help businesses highlight their products and services and help consumers to easily identify Newfoundland and Labrador and Canadian products.

Upcoming market development and expansion initiatives include:

• Premier Furey will be in Toronto for the next meeting of the Committee on Internal Trade hosted by the Honourable Anita Anand, Minister of Transport and Internal Trade. They will discuss transformative actions to eliminate regulatory barriers to internal trade, encourage free movement of labour and further standardize regulations across Canada.
• Premier Furey will lead a delegation at the Prospectors and Developments Association of Canada conference in Toronto. This event is the world’s premier mineral and exploration convention and brings together 27,000 attendees from over 135 countries and 1,100 exhibitors for its educational programming, networking events, and business opportunities.
• The Honourable Siobhan Coady, Deputy Premier and Minister of Finance, will travel to the United Kingdom to meet with senior government officials and business leaders to advance the Newfoundland and Labrador business and investment trade relationship.
• The Honourable Gerry Byrne, Minister of Fisheries, Forestry and Agriculture, will travel to Boston to attend the largest seafood trade show in North America and meet with key customers of Newfoundland and Labrador seafood exports.
• Premier Furey will travel to Japan with a focus on enhancing government-to-government relations, building on and promoting new opportunities in the energy and critical minerals sectors, and working to expand fisheries opportunities in the Asian market, hand in hand with NL producers and harvesters.

These actions reflect the Provincial Government’s commitment to standing shoulder-to-shoulder with Newfoundlanders and Labradorians, and Canadians, who are negatively impacted by the United States’ decision to invoke protectionist trade policies. Presently, the United States is Newfoundland and Labrador’s largest trading partner. In 2023, approximately $4.5 billion of goods was exported to the United States, which represented 37 per cent of the province’s total exports. United States tariffs could put roughly 10,000-20,000 jobs in the province at risk.

Quotes
“Newfoundland and Labrador has products the world needs. We are actively engaged in a Buy From Newfoundland and Labrador, Canada campaign, which includes market development initiatives. The time for action is now given the increasingly unpredictable nature of the United States. With our Team NL and Team Canada approach, we have an opportunity in front of us to embrace new potential and reach that can help shape a future where industries thrive, and every Newfoundlander and Labradorian benefits from a connected, growing economy.”
Honourable Dr. Andrew Furey
Premier of Newfoundland and Labrador

“The United Kingdom is one of our oldest trading partners. We’ve recently strengthened our relationship with the launch of our European borrowing program at the London Stock Exchange. This trade mission allows us to further our connections as we look to do more business with like-minded communities, governments and investors. We need to be thinking globally in our approach to open markets and opportunities, to forge new relationships and strengthen existing ones abroad, and to better support our interests and businesses here at home.”
Honourable Siobhan Coady
Deputy Premier and Minister of Finance

“We are taking swift action to diversify markets across our fisheries, forestry, and agriculture sectors. The Provincial Government is investing nearly $6 million in market diversification initiatives and trade missions to Europe and Asia for the fisheries sector and we are dedicated to growing and maintaining strong markets for our forestry and agriculture products. We’ve seen unparalleled unity and resolve at recent industry roundtables and I’m confident that together we will secure a more prosperous and sustainable future for our world-class renewable resources.”
Honourable Gerry Byrne
Minister of Fisheries, Forestry and Agriculture