Minister Moore Highlights Benefits of Canada-EU Trade Agreement for British Columbia at B.C. Business Summit

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 13, 2013) - Today, as co-chair of the first annual B.C. Business Summit, the Honourable James Moore, Minister of Industry and Minister Responsible for British Columbia, delivered an opening address that laid out the government's historic free trade agreement with the European Union and described how it will promote jobs and growth in B.C.

"As one of Canada's fastest growing economies, B.C. is uniquely situated to take advantage of the many opportunities presented by a globalized economy," said Minister Moore. "By assembling such an influential group of business and First Nations leaders, academics, entrepreneurs, policymakers and other thought leaders, the Business Council of British Columbia is ensuring that our provincial economy continues to take full advantage of the economic opportunities before us."

In his remarks, the Minister highlighted the many benefits that the Canada-EU Comprehensive Economic and Trade Agreement will bring to the province of British Columbia. Once in force, the Canada-EU trade agreement, together with NAFTA, will give Canada preferential access to the two largest, most sophisticated and most developed economies in the world-the European Union and the United States.

"When it comes to unleashing the true economic potential of B.C.'s entrepreneurs and businesses, the Canada-EU trade agreement will do more to transform our economy than any agreement since NAFTA," said Minister Moore in today's address. "The European Union is already B.C.'s fourth-largest trading partner, and it represents a market of 500 million consumers with annual imports amounting to $2.5 trillion."

Upon coming into force, the agreement will immediately eliminate 98 percent of all tariffs, including those on almost all of B.C.'s important exports. This will help improve general export conditions through measures that ease regulatory barriers, reinforce intellectual property rights and ensure more transparent rules for market access.

Minister Moore also highlighted the many benefits that the free trade agreement will bring to Canadian consumers.

"While Canadian businesses will soon have access to a market almost fifteen times the size of Canada's economy, so too will Canadian consumers," said Minister Moore. "This agreement will give Canadians more choice in consumer products, which invariably results in lower prices and better service."

For more information on this agreement, visit the government's Comprehensive Economic and Trade Agreement website (www.actionplan.gc.ca/ceta).

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