Canada: Highlights from the 2017 Federal Budget
The Canadian government announced its annual budget – the Trudeau Government’s second budget and one that focuses on policy direction more so than on spending - on March 22, 2017. For the agricultural sector, the Canadian government reported out on the successful completion of the Comprehensive Economic and Trade Agreement with the European Union, and making ongoing efforts to expand market access for Canadian agri-food producers throughout Asia. To support these foreign market opportunities the 2017-18 budget creates the Innovation and Skills Plan with a target to grow Canada’s agri-food exports to at least $75 billion annually by 2025. In addition, the new budget proposes to create a $1.26 billion five-year Strategic Innovation Fund to attract investment in agriculture, among other sectors, coupled with $950 million over five years to be provided on a competitive basis to support a small number of innovative industries, agriculture being a likely recipient.
