As of last April 2015, Canada eliminated all remaining customs duties on imports of industrial machinery and equipment and finished and semi-finished goods used in manufacturing processes. In addition to significantly reducing the cost of these (capital) goods, of which Canada is an importer because it does not have significant local production, the elimination of duties is expected to create 12,000 new manufacturing jobs, according to the federal government, which announced the measure in the 2010 budget. The reduction in revenue for the federal treasury is estimated at around $450 million (330 million euros). Canada is the first among the G20 countries to eliminate duties tout court on imports of capital goods and technology for the manufacturing sector.