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Provincial and Territorial Benefits
Benefits for Yukon of a Potential Canada-EU Trade Agreement
Jobs, growth and long-term prosperity for the hard-working people of Yukon
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 six times the number of jobs currently in the city of Whitehorse to the Canadian economy.
Many of Yukon’s key sectors would benefit from an ambitious Canada-EU trade agreement:
Fish and seafood
- The EU is the world’s largest fish and seafood market, with a global import market averaging $25 billion annually during 2009-2011.
- Fish and seafood is Yukon’s top dutiable export sector to the EU, with exports worth an average of $85,144 a year between 2009 and 2011.
- Current EU tariffs on Canadian fish and seafood products average 11 percent, with peaks of 25 percent. These high tariff barriers would be eliminated under an ambitious Canada-EU trade agreement.
- Eliminating tariff barriers would increase sales of Yukon’s fish and seafood products in the lucrative EU market of 500 million consumers. This would directly benefit Yukoners through more jobs, higher wages and greater long-term prosperity.
Chemicals and plastics
- The chemicals and plastics industry is a growing export sector for Yukon to the EU, with exports worth an average of $38,092 a year between 2009 and 2011.
- Current EU tariffs on chemical and plastic products average 4.9 percent. These tariff barriers would be eliminated under an ambitious Canada-EU trade agreement.
- Eliminating tariff barriers would increase sales of Yukon’s chemical and plastics products in the lucrative EU market of 500 million consumers. This would directly benefit Yukoners through more jobs, higher wages and greater long-term prosperity.
Scientific instruments
- Yukon’s exports of scientific instruments to the EU were worth an average of $25,000 a year between 2009 and 2011.
- Current EU tariffs on scientific instruments average 2.7 percent.
- Eliminating tariff barriers would increase sales of Yukon’s scientific instruments in the lucrative EU market of 500 million consumers. This would directly benefit Yukoners through more jobs, higher wages and greater long-term prosperity.
Services
- The services sector, overall, employs nearly 18,000 people in Yukon.
- This sector plays an integral role in Yukon’s economy, accounting for 77 percent of the territory’s total GDP in 2010.
- In 2010, the EU’s services import market totalled $1.4 trillion.
- Current EU trade barriers on Canadian services are citizenship or residency requirements, lack of temporary entry rules, and ownership and investment restrictions. These trade barriers would be reduced under an ambitious Canada-EU trade agreement, directly benefiting businesses and workers in this vital Yukon sector.
Investment
- Direct investment by Canadian companies in the EU totalled almost $173 billion in 2011, representing over 25 percent of Canadian direct investment abroad. The same year, direct investment by European companies in Canada totalled almost $161 billion, representing over 26 percent of total foreign investment in Canada.
- Investment opportunities in Yukon include mining, exploration and tourism.
- Putting predictable investment rules in place and guaranteeing access to EU markets will help create a level playing field for Yukon’s investors and businesses and reduce the risks associated with investing abroad. This would lead to greater two-way investment, which would help create jobs and long-term prosperity for hard-working Yukoners.
Government procurement
- Workers in Yukon and the rest of Canada employed in fields such as engineering, architecture and technology would benefit from greater access to the EU’s procurement market, which is worth an estimated $2.4 trillion.
- Greater access to the world’s largest procurement market would benefit workers and their families in sectors that are vital to Yukon’s economy.
