New Brunswick and P.E.I. sign memorandum to reduce internal trade barriers

New Brunswick and P.E.I. have signed a memorandum to reduce internal trade barriers between the provinces.

New Brunswick and Prince Edward Island have signed a memorandum of understanding to improve free trade and labour mobility between the two provinces.

“New Brunswick has what the world wants, and this is another step to creating opportunities for our people and products to shine across the country,” said Premier Susan Holt in a news release. “Prince Edward Island is our much-loved neighbour, and we look forward to having more co-operation across the Confederation Bridge.”

The agreement will help reduce red tape, recognize equivalent standards and improve the ability of workers and businesses to move between the two provinces, said the P.E.I. government in a news release.

“New Brunswick and Prince Edward Island have always worked closely together,” said P.E.I. Premier Rob Lantz. “This agreement builds on that relationship by making it easier for people to move, work and do business across our shared region.”

New Brunswick recently signed similar agreements with Ontario, Newfoundland and Labrador and Manitoba.

The memorandums come after trade between Canada and the U.S. has seen a decline.

P.E.I. says New Brunswick is its second largest importer of goods and third largest importer of services, with the total exports of goods and services valued at $470 million.

Total trade between the two provinces is valued at $1.2 billion.