Harper Government Highlights Widespread Benefits to Nova Scotia of Historic Canada-EU Trade Agreement
Deeper trade with European Union will create new jobs and opportunities across Nova Scotia
October 25, 2013 - The Honourable Peter MacKay, regional minister for Nova Scotia, Minister of Justice and Attorney General of Canada, today underscored how workers and businesses in key economic sectors throughout Nova Scotia will greatly benefit from the Canada-European Union Comprehensive Economic and Trade Agreement. An agreement-in-principle for this historic deal was announced by Prime Minister Stephen Harper and European Commission President José Manuel Barroso last week. Minister MacKay was joined at an event at Halifax Stanfield International Airport by many of Nova Scotia’s key business and industry leaders.
“This historic agreement is Canada’s most ambitious ever and is a big win for hard-working Nova Scotians,” said Minister MacKay. “Workers and families who rely on key sectors of Nova Scotia’s economy for their livelihoods, including those in the fish and seafood, agriculture, manufacturing and forestry and wood products industries, stand to benefit from the preferential access this agreement provides to the largest and most lucrative market in the world.”
The Canada-European Union trade agreement will provide great benefits to Nova Scotia’s world-famous fish and seafood industry, which employs more than 9,000 Nova Scotians, by eliminating all tariffs on its key exports—tariffs of 20 percent on cooked and peeled shrimp, 8 percent on live lobster, 16 percent on frozen lobster and 8 percent on frozen scallops. These and other tariff reductions will generate massive benefits for the fish and seafood sector, a key driver of Nova Scotia’s economy.
Upon entry into force, the Agreement will also open up new markets for Nova Scotia’s forestry and value-added wood products. The elimination of EU tariffs on these products will make them more competitive and create the conditions for increased sales.
“Nova Scotia’s forestry sector makes a vital contribution to Nova Scotia’s economy, employing some 5,300 Nova Scotians in jobs that tend to be highly skilled,” added Minister MacKay.”
The same goes for Nova Scotia’s diversified agricultural and agri-food sector, which employs over 10,000 Nova Scotians. The day the agreement is implemented, it will lock in a duty-free rate that could otherwise go as high as 14.4 percent on fresh and frozen fruits and vegetables; it will also eliminate EU tariffs of up to 9.6 percent on fresh blueberries and 12.8 percent on processed goods.
The extensive benefits to Nova Scotia extend to other areas in Nova Scotia, including, for example, the service industry, which is a key driver of Nova Scotia’s economy. The Canada-EU trade agreement will result in preferred access to one of the largest services economies in the world, worth approximately $12.1 trillion in GDP terms in 2012.
Upon coming into force, the agreement will establish preferential access to, and greater transparency in, the EU services market. This will result in better, more secure and predictable market access in areas of interest to Nova Scotia, such as environmental services, research and development, engineering, architecture and other professional services.
The EU is Nova Scotia’s second-largest export destination and largest trading partner. It is also the largest and most lucrative market in the world, with more than 500 million consumers and a GDP of $17 trillion.
For more information on how the Canada-European Union trade agreement will benefit Nova Scotia, please visit Benefits for Nova Scotia.
For more information on the vast benefits of this agreement to every region of Canada, please visit actionplan.gc.ca/CETA.
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For further information, media representatives may contact:
Office of the Honourable Ed Fast
Minister of International Trade
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