Ontario and Nevada are strengthening their economic relationship through a new partnership that will increase trade, attract investments and strengthen supply chains in both jurisdictions. The new Economic Cooperation Memorandum of Understanding (MOU) will support joint promotion of electric vehicles, advanced manufacturing, critical minerals and other priority sectors.
Ontario Premier Doug Ford and NEVADA Governor Joe Lombardo signed the agreement.
More than $2 billion (CAD) in trade moved between Ontario and Nevada last year. Under the new Ontario-Nevada MOU, the two jurisdictions will work together to identify opportunities for strategic partnerships and joint trade promotion to help companies in both jurisdictions compete in international markets.
The agreement with Nevada is part of the Ontario government’s strategy for trade with jurisdictions in the United States. The province continues to pursue new agreements with additional US states to enhance investment and trade opportunities for Ontario businesses.
The new MOU will increase collaboration on electric vehicles, advanced manufacturing, mining, critical minerals, renewable energy, agriculture, tourism and related supply chains.
Last year, total trade between Ontario and Nevada exceeded $2 billion (CDN), with exports to Nevada totalling $1.1 billion (CAD) and imports from Nevada exceeding $888.5 million (CDN). This trade relationship supports thousands of jobs on both sides of the border.
In 2022, Ontario was the top export destination for merchandise trade for 15 US states and ranked second for 12 US states. Ontario was Nevada’s third largest export destination last year.