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Provincial and Territorial Benefits
Opening New Markets in Europe
To view the brochure in PDF format, please see: Opening New Markets in Europe (PDF*, 2.62 MB).
Why a trade agreement with the European Union would be good for Canada
The European Union is the world’s largest single market and biggest investor
Canada and Europe: Creating jobs, growth and long-term prosperity
Canadians’ prosperity and standard of living is dependent on trade. Reaching beyond our borders for economic opportunities that serve to grow Canada’s trade and investment is key to the prosperity of every hardworking Canadian. Trade has long been a powerful engine for Canada’s economy. It is even more so in these globally challenging economic times.
Canadian jobs and prosperity depend on the business we do with other countries. In fact, trade accounts for more than 60 percent of Canada’s annual income (gross domestic product) and for one in five Canadian jobs. The Government of Canada is committed to providing Canadian workers, businesses and investors with the tools, access and support they need to succeed in global markets.
Canada is now negotiating with the European Union a comprehensive economic and trade agreement (CETA). This is, by far, Canada’s most ambitious trade initiative, with the potential to produce even more benefits than the historic North American Free Trade Agreement (NAFTA). Since NAFTA came into effect, 4.5 million jobs have been created in Canada and our country’s annual income has risen by nearly $1 trillion.
Working to deliver a $12-billion boost to Canada’s annual income
The EU market—with 500 million people and annual economic activity of over $17 trillion—holds significant opportunities for Canadian workers and businesses. The EU is the world’s largest importing market for goods, more than 2.7 times larger than the United States. In fact, the European Union is already Canada’s second-largest trade and investment partner, behind only the United States. Canadian workers in every region in such sectors as fish and seafood, chemicals and plastics, technology, wood and wood products, advanced manufacturing, transportation, agriculture, and renewable energy—to name just a few—will benefit from increased access to the lucrative EU market.
A study conducted jointly with the European Union before the launch of negotiations found that an ambitious agreement would boost Canada’s income by $12 billion annually and bilateral trade by 20 percent. That’s equivalent to creating 80,000 new jobs or increasing the average Canadian family’s income by $1,000!
A competitive edge for workers and businesses
Canada stands to be one of the only developedcountries with preferential access to more than 800 million consumers in the world’s two largest economies—the United States and the European Union. The investment opportunities and the competitive edge of this combined access will directly lead to jobs, growth and long-term prosperity across Canada.
The negotiations with the European Union are the most transparent and collaborative trade negotiations Canada has ever conducted. From the beginning, provinces and territories have been active participants, and municipalities and stakeholders from across the country from a variety of sectors have been consulted regularly.
Federal, provincial and territorial governments have all recognized the benefits an agreement would bring to every region of Canada, stating, in a joint communiqué, "there is no more important Canadian trade negotiating priority today than the Canada-European Union Comprehensive Economic and Trade Agreement."
What Canadians say about a potential trade agreement with Europe
"The conclusion of a CETA has the potential to help Canadian manufacturers and exporters diversify their sales into new export markets, increase their presence in Europe, and position Canada as a more attractive destination for manufacturing investment."
Jayson Myers, President and CEOCanadian Manufacturers and Exporters.
"Canadian small and medium-sized businesses have always favoured freer trading arrangements. They therefore welcome CETA as it will make it easier for these firms to take advantage of opportunities in the enormous European market. It is particularly appealing that the agreement will reduce paperwork and other costs that can be a major deterrent for small businesses."
Catherine Swift, PresidentCanadian Federation of Independent Business.
"The Canadian Chamber has always been a strong supporter of a Canada-EU Comprehensive Economic Trade Agreement. A successful CETA will benefit Canadian businesses of all sizes and throughout the country. It will facilitate trade procedures, reduce technical barriers and send a clear message of support for open, rules-based global trade and investment."
Perrin Beatty, President and CEOCanadian Chamber of Commerce.
"A Canada-EU trade agreement is vital to expanding markets for Canadian agriculture and food products. Canada exports half of its agri-food production. It is critical that we continue to identify new export opportunities for our high-quality products."
Kathleen Sullivan, Executive DirectorCanadian Agri-Food Trade Alliance.
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