Mercer Times

Choose New Jersey, a nonprofit organization focused on business attraction, has facilitated a new sister state Memorandum of Understanding (MOU) between New Jersey and Ontario. This agreement is part of a Governor-led economic mission to Canada.

The MOU renews commitments first established in 2005 and emphasizes collaboration in several sectors including life sciences, advanced manufacturing, information and communication technologies, energy, agri-food technologies, financial services, and sports and tourism. It aims to foster economic development, workforce growth, regulatory cooperation, and academic partnerships.

Governor Phil Murphy expressed optimism about the agreement's potential: “Through this agreement, New Jersey and Ontario will bring together our workers, innovators, students, and entrepreneurs to collaborate on launching new industries and creating new economic opportunities — on both sides of the border.”

Canada remains New Jersey’s largest international trading partner with bilateral trade exceeding $17.5 billion annually. In 2023 alone, trade with Ontario accounted for over one-third of this total.

Premier Doug Ford highlighted the significance of the renewed partnership: “Ontario and New Jersey have both benefited from a long-standing trade relationship, and this agreement will further strengthen our collaboration... Now is the time to bet big on the U.S.-Canada relationship.”

For more details about the economic mission or to view the full MOU text, interested parties can contact Mahen Gunaratna or visit Choose New Jersey's website.