ON Regional Economic Development

Webinar Date: Tuesday, February 28, 2023
Time: 10:00 a.m.
Click here to register

Join OMAFRA in collaboration with the Canadian Trade Commissioner Service in Latin America for a webinar about food and beverage opportunities in Latin America. Webinar will include:

• Overview of the free trade agreements between Panama, Colombia, Costa Rica and Canada
• Export opportunities and events for Ontario food and beverage products/companies
• Meet the trade commissioners in Latin America

Latin America and the Caribbean have a population of over 650 million people and generated a GDP of US$ 5.45 trillion in 2021. Colombia is the third largest country in terms of population and among the top five economies in the region. Panama and Costa Rica, albeit their smaller population, 4 and 5 million people, respectively, are strong economies and their GDP per-capita is higher than that of Mexico and Brazil. These three countries are strategically located serving as a hub for the whole region.

Canada’s bilateral merchandise trade with Latin America and the Caribbean (excluding Mexico) totaled CAD$29.5 billion in 2021. There is potential to increase trade with the region thanks to Canada’s advantages over many competitor countries. We share the same time zones as our trading partners in the hemisphere, which makes it easier to visit, and do business in each other’s markets. More importantly Canada has a strong brand and good reputation in the region. Canadian companies are known for their high standards and commitment to responsible business conduct and seen as transparent and reliable commercial partners and a trusted investment source.

Ontario’s agri-food exports to Colombia, Costa Rica and Panama have grown four-fold, two-fold and three-fold, respectively, between 2011 and 2021. Top exports to these countries include:

• Colombia: CAD$38M exports in 2021; wheat and meslin (82%), mustard flour & prepared (5%), pork cuts, frozen nes (3%)
• Costa Rica: CAD $12M exports in 2021; wheat and meslin (35%), mucilages & thickener, nes (15%), other baked foods (14%)
• Panama: CAD$4M exports in 2021; pork cuts, frozen nes (51%), mixes & doughs (11%), other beans, dried/shelled (10%)

This webinar will provide current information about opportunities in Latin America in coming months.

Register here to attend or for more information, contact fabiola.sicard@ontario.ca