Tariff announcement good news for Canadian manufacturers
Published by Steve Coleman on November 28, 2011
Canadian Manufacturers & Exporters congratulates the federal government on its latest steps toward helping keep this country's producers feet firmly planted on the world stage.
Eliminating import tariffs on a further 70 imports, machinery and equipment items used by the food processing, furniture and transportation equipment industries, to name a few, will help save businesses an estimated $32 million annually.
The money will both keep Canadians employed and allow manufacturers take their operations to the next level.
"We worked with the government directly to reduce tariffs for manufacturing and I believe this is an important cost-savings mechanism for companies," says CME President Jayson Myers. "This is a bottom-line boost to the balance sheet of Canadian manufacturers."
The full of tariffs dropped with last weekend's announcement are expected to be made available Dec. 3 through The Canada Gazette.
CME took a lead role in 2009 in connecting manufacturers with the Minister of Finance to eliminate tariffs on critical pieces of machinery and equipment that has to be imported. A partnership with the Canadian Manufacturing Coalition led to the elimination of 214 import duties in the 2009 budget and helped save manufacturers $83 million annually.
CME's work in 2010 helped erase tariffs on a further 1,160 items in the 2010 budget and the phasing out of another 381 by 2015. The savings are expected to provide manufacturers and exporters $250 million a year. For its part, the federal government pledged to keep looking for areas where further tariff cuts could be made.
Efforts by CME and the Canadian Manufacturers Coalition to reduce the price of essential industrial equipment in the last couple of years has saved Canadian industry more than $1 million a day - permanently.
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