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Ambitious trade deal with European Union a priority for Canadian industry: CME

Published by Derek Lothian on April 27, 2012

Canadian Manufacturers & Exporters (CME) is joining federal ministers across the country today to highlight the important benefits of concluding negotiations for the Comprehensive Economic and Trade Agreement (CETA) with the European Union.

According to CME President & CEO Jayson Myers, Canada and the EU have an historic opportunity to reduce barriers to trade, investment, innovation and labour mobility – all of which will "promote growth at a critical time in our respective economies."

"CME supports the conclusion of an economic and trade agreement with the EU because it has the potential to help Canadian manufacturers and exporters diversify their sales into new export markets and increase their presence in Europe," says Myers. "At a time when companies are looking to explore new market opportunities, CETA will position Canada as a more attractive destination for manufacturing investment, providing Canadian companies privileged, duty-free access to the two largest markets in the world."

Canadian exporters achieved a record $40 billion in sales to the EU last year. The EU is the world's single largest economy with a gross domestic product of $17 trillion, and is Canada's second largest export market after the United States.

Two-way investment is also significant. In 2009, European investment in Canada exceeded $163 billion, while Canadian investment in Europe totalled $148 billion.

"The business of manufacturing is now about adding value in global supply chains and competing based on specialization and differentiation," explains Myers. "It is increasingly critical for Canadian manufacturers to seek customers, suppliers, investment and technology opportunities around the world. Concluding a CETA that frees the flow of goods, services, people and capital will provide Canadian business with more tools to succeed in European and global markets."

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