Canadian Manufacturers & Exporters

Canadian Manufacturers & Exporters

April 27, 2012 10:24 ET

Ambitious Trade Deal With European Union a Priority for Canadian Industry: CME

OTTAWA, ONTARIO--(Marketwire - April 27, 2012) - Canadian Manufacturers & Exporters (CME) is joining federal ministers across the country today to highlight the important benefits of concluding negotiations for the Comprehensive Economic and Trade Agreement (CETA) with the European Union.

According to CME President & CEO Jayson Myers, Canada and the EU have an historic opportunity to reduce barriers to trade, investment, innovation and labour mobility - all of which will "promote growth at a critical time in our respective economies."

"CME supports the conclusion of an economic and trade agreement with the EU because it has the potential to help Canadian manufacturers and exporters diversify their sales into new export markets and increase their presence in Europe," says Myers. "At a time when companies are looking to explore new market opportunities, CETA will position Canada as a more attractive destination for manufacturing investment, providing Canadian companies privileged, duty-free access to the two largest markets in the world."

Canadian exporters achieved a record $40 billion in sales to the EU last year. The EU is the world's single largest economy with a gross domestic product of $17 trillion, and is Canada's second largest export market after the United States.

Two-way investment is also significant. In 2009, European investment in Canada exceeded $163 billion, while Canadian investment in Europe totalled $148 billion.

"The business of manufacturing is now about adding value in global supply chains and competing based on specialization and differentiation," explains Myers. "It is increasingly critical for Canadian manufacturers to seek customers, suppliers, investment and technology opportunities around the world. Concluding a CETA that frees the flow of goods, services, people and capital will provide Canadian business with more tools to succeed in European and global markets."

About CME

Canadian Manufacturers & Exporters (CME) is Canada's largest trade and industry association, and the voice of manufacturing and global business in Canada.

The association represents more than 10,000 leading companies nationwide. More than 85 per cent of CME's members are small and medium-sized enterprises. As Canada's leading business network, CME - through various initiatives including the establishment of the Canadian Manufacturing Coalition - touches more than 100,000 companies from coast to coast, engaged in manufacturing, global business and service-related industries.

CME's membership network accounts for an estimated 82 per cent of Canadian manufacturing production and 90 per cent of all goods and services exports.

Contact Information