BRUSSELS, BELGIUM--(Marketwired - Oct. 18, 2013) - The Comprehensive Economic and Trade Agreement (CETA) concluded today will open up a new world of opportunity for Canadians from coast-to-coast, according to Canadian Manufacturers & Exporters (CME), the country's largest trade and industry association.
"This is the Wayne Gretzky of trade deals," says CME President and CEO Jayson Myers, during the official signing of the deal in Belgium. "This landmark agreement gives Canada a competitive advantage over other leading nations around the globe, providing us with preferential access to the world's largest economy. CETA is our economic power play in the global arena."
As the lead industry association supporting its ambitious and comprehensive conclusion, CME helped secure chapters critical to its members, including guaranteed access to sub-national and national procurement markets, easier access for business travellers, and regulatory alignment to eliminate non-tariff barriers, where possible. These changes will mean more value-added goods should be exported.
With unparalleled access to a market of 500 million people, generating approximately $17 trillion in economic activity a year, Canada is strategically positioned to be a global economic powerhouse as the only G8 nation to have access to the world's two largest markets.
"CETA represents a whole new world of opportunity for Canadian companies from coast-to- coast. We've just built a symbolic bridge over the pond," Myers adds. "CETA will open up markets for small businesses looking to export goods and services, invest, and those who want to commercialize new technologies."
It will create jobs and generate wealth for Canadians, in addition to setting the standard for trade agreements in the future.
"The modest economic analysis of CETA indicates that this will create 80,000 new jobs for Canadians," says Myers. "Put another way, that represents a boost in bilateral trade by 20 per cent and an injection of $12 billion into the Canadian economy on an annual basis.
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.