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Brexit and Canada: CETA a top priority for Canada's relationship with the EU and the UK

Published by Bryant McNamara on June 24, 2016

Canadian Manufacturers & Exporters (CME) is deeply concerned by the UK's decision to leave the European Union.

In the immediate term, Brexit presents significant risk to financial, currency, and commodity markets and may tighten credit conditions around the world for Canadian businesses. Yesterday's vote will also impact business planning and supply chain management among Canadian manufacturers selling into or investing in both the UK and the EU. Moreover, Brexit will strain the movement of labour and skilled professionals into and out of the single market and cloud recent efforts toward greater harmonization of product specific regulation across the region.

CME is also concerned that the Brexit decision will delay the adoption of the Comprehensive Economic and Trade Agreement with the EU as the EU now focuses on negotiations with the UK on its withdrawal from the union.

"The first priority of the EU should be to restore confidence globally," said Jayson Myers, President and CEO of Canadian Manufacturers & Exporters. "The EU can ratify CETA as a clear signal to global investors that stability can be found in the region."

By ratifying CETA, the EU will send a clear message to Canada, and other major trading nations, that it remains open for business as a stable political force in the region.

CETA also represents a model agreement for the UK to follow. Canada should also be the UK's first post-referendum trading partner so as to reaffirm our nation's long-standing economic ties and enhance mutually beneficial gains already negotiated under the CETA.

CME will be keeping a close eye on Brexit as it unfolds over the coming weeks and months to better understand the on-going implications for Canadian manufacturers and exporters.

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Found in: Brexit Trade European Union CETA Canadian Trade Canada

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