Big Gains for Alberta in a Canada-EU Trade Agreement, Says International Trade Minister Ed Fast

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Foreign Affairs and International Trade Canada Apr 29, 2013

The Honourable Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, today said that a wide range of sectors in every region of the country, including Alberta, would benefit from an ambitious Canada-EU comprehensive economic and trade agreement (CETA). Minister Fast made his remarks during a round table with business and industry leaders representing Alberta’s key economic sectors.

“An ambitious agreement with the European Union would produce substantial gains for many of Alberta’s critical sectors, generating significant benefits for businesses, workers and their families,” said Minister Fast. “Lowering tariff barriers would provide better access to the lucrative EU market of 500 million consumers and increase sales of Alberta’s world-class exports from these critical sectors.”

A comprehensive agreement would eliminate tariffs on high-quality provincial exports such as agricultural commodities, metals and minerals, chemicals and plastics, and advanced manufacturing products, including industrial machinery. It would also improve access to the EU market for Alberta’s world-class service suppliers, creating new export opportunities for services in sectors such as oil and gas.

A joint study concluded that an ambitious trade agreement with the European Union would be of significant benefit to Canada, resulting in a 20-percent boost in bilateral trade and a $12-billion increase in Canada’s annual income (gross domestic product).

This translates to an increase of $1,000 to the average Canadian household’s income or 80,000 new jobs—twice the total number of jobs currently in Alberta’s regional municipality of Wood Buffalo—to the Canadian economy.

“Our government is focused on what matters to all Canadians—jobs, growth and long-term prosperity,” said Minister Fast. “That is why we are working hard to open new markets to increase Canadian exports in the largest, most dynamic and fastest-growing markets in the world.”

The EU is Canada’s second-largest trading partner and the world’s largest integrated economy, with more than 500 million consumers and a GDP of $17 trillion. The ongoing trade negotiations with the EU represent Canada’s most ambitious trade initiative, broader in scope and deeper in ambition than the historic North American Free Trade Agreement.