Our Government believes one of ways we can grow our economy and create jobs is by expanding our international exports through trade agreements. After many years and a great amount of effort Canada, with the unanimous endorsement of all provinces and territories, reached a historic agreement in principle on a free trade agreement with the European Union last October. Last Tuesday, Canada and the European Union announced that officials have reached a complete text, allowing translation and final legal review to commence.
This lays the groundwork for a September Canada-EU Summit that will be hosted in Canada. Last week it was also announced that Prime Minister Harper and Minister Fast will lead a trade mission to the United Kingdom in early September to secure the jobs and first-mover competitive advantages the historic Canada-EU trade agreement creates.
This is another important step toward the implementation of the historic Canada-EU trade agreement, which will create jobs and economic opportunities for hard-working Canadians in every region of the country including right here in Stormont-Dundas-South Glengarry.
As per their involvement throughout the process, Canada’s provinces and territories have received the complete text and have been comprehensively briefed on its content as well as on next steps.
The EU is the world’s largest integrated economy, with more than 500 million consumers and a GDP of $17 trillion. Out of more than 9,000 EU tariff lines, approximately 98 per cent will be duty-free for Canadian goods when the Canada-EU trade pact comes into force. A joint study concluded that the trade agreement with the European Union would be of significant benefit to Canada, resulting in a 20 per cent boost in bilateral trade and a $12-billion increase in Canada’s annual income (GDP), the equivalent to creating almost 80,000 new jobs or increasing the average Canadian household’s annual income by $1,000.
Our upcoming UK trade mission will help Canadian businesses secure their first-mover advantages in the largest and most lucrative market in the world, even as translation and final legal review of the text proceeds.
I am very proud of the Prime Minister and Minister of International Trade for their extensive work on this trade deal, which will have a huge impact on Canada's economy for decades to come.
Member of Parliament