The federal government is contributing $7.8 million towards a market access plan for the Canadian canola industry, the federal agriculture minister announced Jan. 11.

“Our government knows that farmers will be key to Canada’s economic recovery,” Agriculture Minister Gerry Ritz said in a release. “Our Economic Action Plan is continuing to support Canada’s recovery by investing in a targeted market access strategy that will make sure Canadian canola producers have full and fair access to international markets so that they can get more buyers bidding on their product.”

The investment will help the Canola Council of Canada develop a comprehensive strategy that will open new markets as well as examine current legislative, regulatory and administrative trade barriers, the release said. The strategy will outline a rapid joint industry and government approach to be implemented when market access challenges arise as well as develop a strategy to avoid potential market access challenges. In addition, the strategy will highlight industry best practices which will help farmers boost their bottom line by meeting the standards of importing countries.

In addition to the government’s contribution, the Canola Council of Canada will contribute another $1.2 million for a total of $9 million.

Canola is Canada’s second most valuable crop, after wheat, contributing approximately $14 billion annually to the economy.

The investment will be made available via the Agricultural Flexibility Fund, part of Canada’s Economic Action Plan.