International Trade Diversification Minister Carr to welcome European Trade Commissioner Malmström to celebrate accomplishments of historic trade agreement between Canada and the European Union

News release

September 25, 2018 - Ottawa, Ontario - Global Affairs Canada

By providing Canadian businesses with unprecedented access to the world’s second-largest market—home to over 510 million consumers—the Canada-European Union (EU) Comprehensive Economic and Trade Agreement (CETA) is a testament to the principle that trade diversification can boost Canada’s economy and create more well-paying jobs for hard-working Canadians.

Behind the numbers are the middle class and those working hard to join it. Thanks to the market access created by CETA, more Canadians can realize their global ambitions. Any business, entrepreneur, rancher, farmer or innovator can now sell into the EU on a level playing field with their EU competitors. Canadians can access procurement at every level of government and travel to market their products and make contacts, including 90 days of business travel without impediment. This is a deal that allows every Canadian a genuine opportunity to compete and succeed.

On September 26 and 27, 2018, the Honourable Jim Carr, Minister of International Trade Diversification, will welcome Cecilia Malmström, European Commissioner for Trade, to Montréal, Quebec. During the visit, Minister Carr and Commissioner Malmström will highlight how CETA has notably enhanced partnerships between Canadian and European companies.

On September 26, leaders will participate in the inaugural meeting of the CETA Joint Committee in Montréal, at which they will discuss how to continue to implement CETA in ways that benefit everyone. On September 27, Minister Carr and Commissioner Malmström will participate in a discussion on global trends in trade organized by the Montreal Council on Foreign Relations. The visit will serve as an opportunity for Minister Carr and Commissioner Malmström to deepen the commercial relationship between Canada and the EU and to demonstrate Canada-EU unity in favour of open economies and free trade. 

Quotes

“CETA is a landmark free trade agreement that has already translated into a 10% increase in bilateral trade between Canada and the EU. This increase means there is now $1.1 billion in new opportunities for our exporters after the first year of CETA. This is what our trade diversification strategy is all about—and it is just the beginning.”

- Jim Carr, Minister of International Trade Diversification

Quick facts

  • Prior to CETA’s entry into force on September 21, 2017, only 25% of EU tariff lines on Canadian goods were duty-free. With CETA, 98% of EU tariff lines are now duty-free for Canadian goods.

  • In 2017, bilateral merchandise trade between Canada and the EU was valued at $107.9 billion and bilateral direct investment was valued at $512.9 billion.

  • Since CETA came into force, the fastest-growing Canadian exports to the EU include aluminum—a 206% increase year over year—and motor vehicles and parts—a 96% increase year over year.

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