Bev Shipley, Member of Parliament for Lambton-Kent-Middlesex today highlighted the Harper government’s plan to support Canadian workers and businesses for continued success, economic growth and prosperity in Lambton-Kent-Middlesex and across Canada.
Since 2006, Canada has concluded free trade agreements with 10 countries, including the recent Canada-Korea Free Trade Agreement, Canada’s first free trade agreement in Asia, as well as Colombia, Jordan, Panama, Peru, the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland) and Honduras.
In October 2013, Canada reached an agreement-in-principle with the 28-nation European Union, the largest and most lucrative market in the world.
The agreement is the biggest, most ambitious trade agreement that Canada has ever reached, and it will generate substantial gains across all key economic sectors covering every region of the country. Canada will be one of the only developed countries to have preferential access to the world’s two largest markets: the European Union and the United States. The competitive edge and combined access to these markets—and their more than 800 million affluent consumers—will make Canada the envy of trading nations all over the world.
Canada is also pursuing trade agreements with more than 24 countries, including large markets such as India, Japan and the countries that comprise the Trans-Pacific Partnership Agreement.
Focusing on sectors and markets that offer the greatest opportunity for growth is a priority under Canada’s new Global Markets Action Plan which the government launched last November.
“Free trade agreements are good for workers and employers across Canada and right at home here in Lambton-Kent-Middlesex,” Shipley said. “Trade is vital to the future of our workforce with one out of every five Canadian jobs depending on exports. Canada only had trade agreements with five countries when our government came to office and now we have 43 nations to trade with. Ontarians are well positioned to benefit from Canada’s improved access to markets as important as the European Union and South Korea. Measures that help companies in Ontario grow and prosper abroad foster a dynamic economy and vibrant communities.”
Quick Facts
– 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. CETA is by far, Canada’s most ambitious trade initiative, broader in scope than the historic North American Free Trade Agreement (NAFTA).
– On the day the Canada-Korea Free Trade Agreement comes into force, Canadian businesses will immediately benefit from South Korea’s removal of duties on 81.9 percent of tariff lines. Once the agreement is fully implemented, South Korea will have removed duties on 98.2 percent of tariff lines.
– In June, the Canada-Honduras Economic Growth and Prosperity Act—an act to implement the Canada-Honduras Free Trade Agreement and parallel agreements on labour and environmental cooperation—received Royal Assent. Canada will now work with Honduras for a coming into force of the agreement as quickly as possible.
– GMAP is a new trade promotion plan that entrenches the concept of “economic diplomacy” by focusing government resources and services in order to maximize the success of Canada’s commercial interests in key foreign markets.
