Harper Government Highlights Widespread Benefits to Ontario of Historic Canada-EU Trade Agreement
Deeper trade with European Union will create new jobs and opportunities across Ontario
October 28, 2013 - The Honourable Pierre Poilievre, Minister of State (Democratic Reform), today met members of the Manotick Business Improvement Area to discuss how local workers and families will greatly benefit from the Canada-European Union trade agreement. An agreement-in-principle for this historic deal was announced by Prime Minister Stephen Harper and European Commission President José Manuel Barroso on October 18, 2013.
“This historic agreement is Canada’s most ambitious ever and is a big win for Eastern Ontario,” said Minister of State Poilievre. “Workers and families who rely on key sectors of Ontario’s economy for their livelihoods, including those in the services, agricultural, manufacturing, and information and communications technology industries, stand to benefit from the preferential access this agreement will provide to the largest and most lucrative market in the world.”
The services sector is a key driver of Ontario’s economy, accounting for 77 percent of the province’s overall economy, or $442 billion, and employing some 5.4 million Ontarians in 2012. Jobs in this sector are traditionally highly skilled and well-paying, creating enormous opportunities for Canadian expertise.
When the Canada-EU trade agreement comes into force, it will establish preferential access to, and greater transparency in, the EU services market—one of the largest services economies in the world, worth approximately $12.1 trillion in GDP terms in 2012. This will result in better, more secure and predictable market access in sectors of interest to Ontario, such as environmental services, research and development, and financial services.
The Canada-EU trade agreement will also provide Canadian and EU investors with greater certainty, transparency and protection for their investments. Investment plays a pivotal role in Ontario’s economy. The province’s highly diversified economy presents excellent opportunities in all sectors, ranging from automotive, plastics and aerospace to information and telecommunications technology and life sciences. As the second-largest foreign investor in Canada, the EU can contribute to economic growth and job creation through investment in these and other strategic sectors in the province. In addition, Ontario businesses currently have significant investments in the EU in a wide variety of sectors, including agriculture, automotive, financial services, renewable energy, transportation, and information and communications technology.
“Our government is focused on what matters to all Canadians: creating new jobs and new opportunities,” said the Honourable Ed Fast, Minister of International Trade. “The Canada-EU trade agreement will generate substantial gains across all key economic sectors, covering every region of Canada. In fact, Canada will be one of the only developed countries to have preferential access to the world’s two largest markets: the European Union and the United States. The competitive edge and combined access to these markets—and their more than 800 million affluent consumers—will make Canada the envy of trading nations worldwide. It will also make Canada an even more attractive destination for investors and manufacturers, and this in turn will create thousands of new jobs and new opportunities for Canadians.”
The EU is already Ontario’s second-largest export destination and trading partner. It is also the world’s largest integrated economy, with more than 500 million consumers and a GDP of $17 trillion.
For more information on how the Canada-EU trade agreement will benefit Ontario, please visit Benefits for Ontario.
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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