Minister Fast Promotes Pro-trade Plan to Open New Markets for Canadian Exports
Ontario to benefit from job creation and opportunities of the Canada-EU trade agreement
March 7, 2014 - Ontario - Foreign Affairs, Trade and Development Canada
The Honourable Ed Fast, Minister of International Trade, and Patrick Brown, Member of Parliament for Barrie, today highlighted the manufacturing benefits for Barrie under Canada’s new Global Markets Action Plan and the Canada-EU trade agreement during a regional manufacturing summit.
Minister Fast also joined the Honourable Julian Fantino, Minister of Veteran Affairs in Vaughan. The two ministers participated in a business round table hosted by Jan K. Overweel Limited, an importer and producer of fine foods.
Canada’s Global Markets Action Plan, launched in November 2013, ensures that all diplomatic assets of the Government of Canada are harnessed to support the pursuit of commercial success by Canadian companies and investors. The plan plays to Canada’s strengths by concentrating on core commercial objectives within priority markets because when Canadian companies succeed abroad, all Canadians benefit from the jobs and opportunities that are created at home.
The EU is already Ontario’s second-largest export destination and trading partner. When the Canada-EU trade agreement is fully implemented, tariffs will be eliminated on all of Ontario’s manufacturing exports, increasing sales and exports to the world’s most lucrative market.
- The EU is the world’s largest integrated economy, with more than 500 million consumers and an annual GDP of $17 trillion.
- Of Ontario’s $190-billion worth of global exports in 2013, 81 percent was in manufacturing.
- With the Canada-EU trade agreement, Canada will be the only G-8 country, and one of the only developed countries in the world, to have preferential access to the world’s two largest markets—the EU and the United States—providing access to more than 800 million of the world’s most affluent consumers.
- The Canada-EU trade agreement will result in a 20-percent boost in bilateral trade and a $12-billion increase in Canada’s GDP: the economic equivalent of an increase of $1,000 to the average Canadian family’s income, or 80,000 new jobs.
“This historic agreement is Canada’s most ambitious and a big win for Ontarians. Workers and families who rely on key sectors of Ontario’s economy for their livelihood, including those in manufacturing, stand to benefit from the preferential access this agreement provides to the largest and most lucrative market in the world. Eliminating tariffs on these high-quality products will create the conditions to increase sales, which will directly benefit hard-working Ontarians through new jobs, new opportunities and higher wages.”
- Ed Fast, Minister of International Trade
“Free trade agreements are good for workers and employers across Canada and right at home here in Vaughan. The hard work of Prime Minister Harper and International Trade Minister Fast to secure a trade deal with the European Union will benefit Vaughan for generations to come.”
- Julian Fantino, Minister of Veterans Affairs
“Trade is vital to the future of our workforce with one out of every five Canadian jobs depending on exports. Canada only had trade agreements with five countries when our government came to office and now we have 42 nations to trade with. I am thrilled to see the European Union deal done and this massive market opened up to companies in Barrie and businesses right across Canada.”
- Patrick Brown, Member of Parliament for Barrie
Office of the Honourable Ed Fast
Minister of International Trade
- Date Modified: