OTTAWA, ON--(Marketwired - Oct 31, 2016) - The economic development organizations in 12 of Canada's largest cities applaud the perseverance and leadership shown by the Federal government leading up to the signing of the Comprehensive Economic and Trade Agreement (CETA) in Brussels yesterday.
"We see Canada moving toward creating the largest trading and investment block in the world. The cities that comprise the Consider Canada City Alliance (CCCA) account for 63.4% of Canada's GDP fully understand that our economic prosperity is built on global trade and investment," stated Carl Viel, Chair of the CCCA and president of Québec International. "The combination of the North American Free Trade Agreement (NAFTA) and CETA gives all European companies, and in fact all foreign companies, with a Canadian presence access to a market of nearly one billion consumers and a GDP of over US$35 trillion."
"Modern commerce is much more than moving goods across borders. It is about financial and knowledge-based consulting services, digital commerce and entertainment, and the freedom of movement for the skilled workers who are creating the 21st century global economy," said Michael Darch, President of the CCCA. "CETA addresses these and many more opportunities. Canada is demonstrating leadership in building the agreements necessary to protect our economic future and guarantee access to prosperity for all Canadians."
In the spirit of encouraging European businesses to take full advantage of CETA and European national and regional parliaments to fully ratify the trade deal, Canada's largest cities have issued a "CETA Top 5" list:
1) Dollars and sense: Supporters of CETA say it will increase Canadian-EU trade by 20% and boost Canada's economy by C$12 billion and the EU economy by EUR 12 billion.
2) Unparalleled market access: Once the Canada-EU Comprehensive Economic and Trade Agreement (CETA) comes into force, foreign investors in Canada will have assured preferential access to both NAFTA and the EU with nearly one billion consumers and a GDP of over US$35 trillion.
3) Enhanced investor protection: CETA will provide Canadian and EU investors with greater certainty, transparency and protection for their investments.
4) Easing of investment restrictions: The net benefit review threshold under the Investment Canada Act will be raised from the current C$600 million to C$1.5 billion following CETA's entry into force.
5) Signals open trade, not closed borders: While populist movements in some developed economies appear to be antagonistic to expanding trade agreements, Canadian cities are welcoming aggressive investment interest from across Europe and around the world during investment missions conducted in partnership with Federal government colleagues.
About the Consider Canada City Alliance
The twelve members of Consider Canada City Alliance (CCCA) include the city regions of Halifax, Quebec City, Montreal, Ottawa, Toronto, Waterloo, London, Winnipeg, Saskatoon, Calgary, Edmonton and Vancouver. The economic zones of the members of the CCCA now represent 57.3% of Canada's population, produce 63.4% of its GDP and accounted for 82.5% of Canada's GDP growth in the five years ending last quarter. As a united front, the Consider Canada City Alliance helps international companies determine the best strategies for business expansion and continually improve Canada's ability to attract new investment and trade opportunities. For more information on the Consider Canada City Alliance, please visit www.considercanada.com.