NEWS RELEASE

For Immediate Release 2010TTI0011-001576 Dec. 15, 2010

Ministry of Tourism, Trade and Investment

 

PROVINCE OPTIMISTIC OVER CANADA-E.U. FREE TRADE TALKS

 

VICTORIA – Progress is being made towards a free-trade agreement between Canada and European Union that is expected to mean increased trade and economic activity for many British Columbia businesses, Tourism, Trade and Investment Minister Margaret MacDiarmid said today.

 

“I’m pleased to hear that the talks are exceeding the expectations of both the federal government and the E.U.” MacDiarmid said. “Free trade with Europe will provide access to the largest trading bloc in the world with a population of a half-billion people, bringing positive benefits to B.C. in areas such as forestry, fisheries, and clean tech.”

 

MacDiarmid, along with trade ministers from all the provinces and territories, received a status report on the Canada-E.U. negotiations during a teleconference call today with federal Minister of International Trade Peter Van Loan.

 

“The strong leadership demonstrated by Minister Van Loan has been vital in advancing these talks and ensuring participation of the provinces and territories at each important step along the way,” she said. 

 

The Province continues to advocate for opening markets and breaking down barriers to trade both within Canada and internationally. Under the New West Partnership Agreement, B.C., Alberta and Saskatchewan established Canada’s largest barrier-free interprovincial market with an economic powerhouse of nine million people and $550 billion GDP. 

 

A Canada-E.U. free-trade deal is expected to provide new export business opportunities in areas such as wood pellets, increased tourism and greater labour mobility.

 

In addition to Europe, British Columbia continues to advance trade with Asia-Pacific economies. The provincial government is encouraged by the recent announcement of talks with India toward a comprehensive economic partnership agreement and supports the efforts of Canada to join in other key negotiations, such as the Trans Pacific Partnership.

 

Trade with the EU - Key Facts

·         Largest trading bloc in the world; population of over 500 million.

·         Canada’s second-largest trade and investment partner, after the United States.

·         British Columbia’s fourth-largest trading partner after U.S., Japan, China.

·         Conference Board of Canada estimates total Canadian sales of goods and services to the EU were over $150 billion in 2008. EU sales to Canada were $440 billion.

·         A joint study in 2008 estimated that a comprehensive Canada-EU trade agreement has the potential to increase Canada’s GDP by at least $12 billion annually and bilateral trade by $38 billion.

·         B.C.’s exports of goods to the EU were $1.67 billion in 2009 ($2.6 billion in 2008).

·         B.C. exports include an estimated $544 million of mineral fuels, $268 million of wood pulp, paper and paper products, and $209 million of lumber and wood products.

 

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Contact:

Karen Johnston Communications Director Ministry of Tourism, Trade and Investment 250 356-9869

 

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