Statement from the Minister of Economic Development, Trade and Employment on a Trade Deal Between Canada and the European Union
Ontario is pleased that we are nearing completion of the Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union.
We will be providing our support of the agreement in principle as we remain convinced that removing trade barriers and tariffs will help our province's economy grow and create jobs right here in Ontario.
Ontario's job creators would see a removal of substantial tariffs, a result that would make it much less costly for our companies to sell their innovative goods and services to Europe - a market with 500 million consumers and a GDP of close to $17 trillion. This deal would mean expanded access to European markets for Ontario manufacturers and service-providers, more sales of our goods and services, and as a result, more job creation here in Ontario.
Many sectors of Ontario's economy would benefit from CETA, including advanced manufacturing and automotive, financial services, metals and mining, and information and communications technology. The deal is expected to create as many as 30,000 jobs in Ontario.
Despite this support, Ontario is concerned about the potential impacts of the Agreement on our pharmaceutical, dairy, wine and spirits industries. We have raised these concerns with the Federal Government, and we will make specific demands of the Federal Government to mitigate the impacts on these key Ontario economic sectors.
Ontario's support for a trade deal with the European Union is part of our new Going Global Trade Strategy that will help more companies trade internationally, because we know that companies that trade have higher revenue, have higher growth, and are more productive than companies who do not trade.
Helping more companies trade is a part of our government's economic plan to create jobs and grow the economy by supporting a dynamic and innovative business climate, investing in people, and investing in infrastructure.