Canadian Chamber of Commerce (CCC) welcomes the signing by Prime Minister Trudeau and EU representatives of the historic Comprehensive Economic Trade Agreement between Canada and Europe, the first of a new generation of trade agreements.

“Today marks a first step into new trade territory. CETA goes far beyond traditional trade agreements and it enshrines environmental and social protections for signatory countries. Once the agreement is in effect, Canadian and European businesses will immediately profit from lower tariffs and enhanced access to larger markets. CETA will benefit businesses and citizens on both sides of the ocean,” said the Hon. Perrin Beatty, President and CEO of the Canadian Chamber of Commerce. “We want to congratulate the Canadian government for overcoming some tough hurdles, and we look forward to working with our European counterparts in making the most of this deal.”

CETA eliminates or reduces tariff and non-tariff barriers, making Canadian goods, technologies and services more competitive in the lucrative EU market. The benefits of the agreement will reach businesses of all sizes in a wide range of sectors. The added economic activity and greater choice will also be beneficial to those companies’ workers and their families, and to consumers. Overall, the agreement could inject over USD 12 billion of new revenue into the Canadian economy, boosting bilateral trade by 20 per cent, according to a joint Canada-EU study. Europeans businesses would enjoy similar benefits in Canada.

“We are pleased that the EU Commission received the support of their member countries. Ultimately, everyone has recognized that CETA will have positive outcomes for decades to come. The agreement will provide a vital boost to our economies,” said Mr. Beatty. “It shows that despite the challenges of the past months, Europe remains open for business. That openness will remain critical as we move to the county-by-country ratification of CETA.”

Source: CCC

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