Statement from the Minister of International Trade on a Trade Deal Between Canada and the European Union
Today, Michael Chan, Minister of International Trade issued the following statement:
"As Ontario's Minister of International Trade, I am thrilled that this important step towards the implementation of the Canada - European Union Comprehensive Economic and Trade Agreement (CETA) has been taken following tremendous commitment and hard work by all parties involved. I would like to thank our colleagues in Ottawa and partners across the EU for such an historic success.
The European Union is the largest single market in the world, with over 500 million consumers and a GDP of close to $18 trillion. As Ontario's second largest trading partner, exports to the European Union were over $19 billion in 2015, an increase of over 100 per cent since 2005.
The reduction and elimination of tariff and non-tariff barriers of more than $100 million annually will make Ontario goods, technologies and expertise more competitive in the European Union, and result in the creation of 30,000 new Ontario jobs and a $4.5 billion boost to the province's GDP.
Trade agreements undoubtedly build stronger ties with our trading partners. Ontario will continue to work closely with our colleagues in Ottawa to ensure that all areas of interest to Ontario are addressed to maximize the benefit of CETA for Ontario. Today's signing provides a major boost to our already significant trade activity in the European Union, and will unlock new markets and create new jobs."