Deeper trade with the European Union will bring good jobs, growth and long-term prosperity to hard-working Newfoundlanders and Labradorians, says Minister Penashue
April 27, 2012 - The Honourable Peter Penashue, Minister of Intergovernmental Affairs, and President of the Queen’s Privy Council for Canada, regional minister for Newfoundland and Labrador, today joined other federal ministers in highlighting the benefits of a potential trade agreement with the European Union. The minister held an event at a local business in the province’s important manufacturing sector to highlight the benefits a Canada-EU trade agreement would generate for Canadian workers and their families.
“Our government is focused on jobs, growth and long-term prosperity. An ambitious agreement with the European Union will be a big win for Newfoundland and Labrador’s workers and businesses,” said Minister Penashue at the Rutter Inc. manufacturing facility in St. John’s. “More than 10,000 hard-working Newfoundlanders and Labradorians and their families depend on the manufacturing sector for their livelihood. A Canada-EU trade agreement will produce success for this critical sector and directly benefit workers and families who rely on it here in Newfoundland and Labrador.”
“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. The Minister’s address was among several events being held across the country to highlight the benefits of the Canada-EU trade agreement currently under negotiation.
“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-percent boost in bilateral trade and a $12-billion annual increase to Canada’s economy. That translates to an increase of $1,000 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.
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A backgrounder detailing the benefits for Newfoundland and Labrador of a potential Canada-EU trade agreement follows.
For further information, media representatives may contact:
Office of the Honourable Ed Fast
Minister of International Trade and Minister for the Asia-Pacific Gateway
Trade Media Relations Office
Foreign Affairs and International Trade Canada
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An ambitious trade agreement with the European Union would be of significant benefit to Canada, resulting in a 20-percent boost in bilateral trade and a $12-billion increase in Canada’s annual income (gross domestic product).
That translates to an increase of $1,000 to the average Canadian family’s income, or 80,000 new Canadian jobs—which is like adding the number of jobs currently in six cities the size of Corner Brook to the Canadian economy.
Many of Newfoundland and Labrador’s key sectors would benefit from an ambitious Canada-EU trade agreement: