Selling a potential Canada-EU Trade Agreement
April 27, 2012 | By HPAC Magazine
The Honourable Tony Clement, President of the Treasury Board and Minister for the Federal Economic Development Initiative for Northern Ontario, the Honourable Joe Oliver, Minister of Natural Resources, the Honourable Lisa Raitt, Minister of Labour, and the Honourable Peter Van Loan, Leader of the Government in the House of Commons, today joined other federal ministers across the country in highlighting the benefits of a potential trade agreement with the European Union. They held events at local businesses in Ontario’s manufacturing, financial services, chemicals and plastics, and research and development sectors to highlight the benefits of a Canada-EU trade agreement. At an event at the TMX Broadcast Centre studio, Minister Oliver highlighted the benefits of a potential agreement for Ontario’s financial services sector. Minister Raitt participated in a London event at Lamko Tool & Mold Inc., a leading manufacturer of high-quality molds and specialty dies. In Kitchener-Waterloo, Minister Van Loan held an event at Intelligent Mechatronic Systems, which specializes in the research and development of innovative solutions in the areas of telematics, automotive safety and mobile media.
“More than 60 percent of Canada’s annual income (gross domestic product) and the jobs of one in five Canadians are generated by trade,” said the Honourable Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, in a keynote address today to the Economic Club of Canada in Ottawa. “An ambitious trade agreement with the European Union would generate significant benefits for hard-working Canadians in every region of our country,” said Minister Fast. “It would bring a 20-per cent boost in bilateral trade and a $12-billion annual increase to Canada’s economy. That translates to an increase of $1000 to the average Canadian family’s income, or 80 000 new jobs.”
The EU is Canada’s second-largest trading partner and the world’s largest integrated economy, with more than 500 million consumers and a GDP of over $17 trillion. The ongoing trade negotiations with the EU represent Canada’s most significant trade initiative since the historic North American Free Trade Agreement.