Canadian officials announced plans this week to eliminate 1,541 manufacturing, machinery and equipment tariffs by January 1, 2015, affecting nearly $5 billion in imports.

"Making Canada a tariff-free zone for manufacturers will keep us ahead of the pack," said Finance Minister Jim Flaherty.

Most of the tariffs were eliminated on March 5, making Canada the first G20 nation to eliminate the duties. Last year, tariff eliminations saved manufacturers C$88 million. This year, officials expect an additional C$300 million in duty savings. The actions will also create approximately 12,000 manufacturing jobs over time.