TORONTO, ONTARIO--(Marketwired - Nov. 4, 2013) - The Honourable Joe Oliver, Minister of Natural Resources, today underlined how workers, businesses and investors throughout Ontario will greatly benefit from the Canada-European Union Comprehensive Economic and Trade Agreement. An agreement-in-principle for this historic deal was announced by Prime Minister Stephen Harper and European Commission President José Manuel Barroso on October 18, 2013. Minister Oliver delivered remarks at the Ontario Investment and Trade Centre, where he was joined by members of the Canada Europe Roundtable for Business, the European Union Chamber of Commerce in Toronto and several of Ontario's key business and industry leaders.
"This historic agreement is Canada's most ambitious ever and is a big win for Ontario workers and families," said Minister Oliver. "Workers and families who rely on key areas of Ontario's economy for their livelihoods, including those in the information and communications technology, professional services and investment industries, stand to benefit from the preferential access this agreement provides to the largest and most lucrative market in the world."
Investment plays an increasingly important part in the Canadian economy and is crucial to creating jobs, spurring creativity and technology innovation and linking Canada to global value chains. The Canada-EU trade agreement will guarantee a level playing field for Canadian businesses investing in the EU and help attract investment to Canada. It will provide more certainty, transparency and protection for investors and their investments.
"Greater investment from Ontario in the EU will improve access to European markets, technology and expertise and enhance the competitiveness of Canadian firms," said Minister Oliver. "At the same time, greater EU investment in this province will stimulate economic growth and job creation here at home, provide new technologies and spur competition in the marketplace, ultimately benefiting Ontario's consumers and workers alike."
The stock of known foreign direct investment by Canadian companies in the EU totalled $180.9 billion at the end of 2012, representing 28.5 percent of Canadian direct investment abroad. The same year, the stock of known foreign direct investment from European companies in Canada totalled $171.5 billion, representing 24.1 percent of total foreign direct investment in Canada.
"Our government is focused on what matters to all Canadians: creating new jobs and new opportunities," said the Honourable Ed Fast, Minister of International Trade. "The Canada-EU trade agreement will generate substantial gains across all key economic sectors, covering every region of Canada. In fact, Canada will be one of the only developed countries to have preferential access to the world's two largest markets: the European Union and the United States. The competitive edge from the combined access to these markets-totalling over 800 million affluent consumers-will make Canada the envy of trading nations worldwide. It will also make Canada an even more attractive destination for investors and manufacturers, and this in turn will create thousands of new jobs and new opportunities for Canadians."
The EU is the world's largest integrated economy, with more than 500 million consumers and a GDP of $17 trillion.
For more information on how the Canada-EU trade agreement will benefit Ontario, please visit Benefits for Ontario.
For more information on the vast benefits of this agreement to every region of Canada, please visit actionplan.gc.ca/CETA.
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