Celebrating Canada’s Biggest Trade Deal Ever

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By A Correspondent

The Canada-European Union trade agreement is a big win for workers and businesses across Ontario

The Honourable Jim Flaherty, Minister of Finance, on December 19, led a celebration event to highlight the biggest trade accomplishment in Canadian history: an agreement with the European Union that was announced by Prime Minister Stephen Harper and European Commission President José Manuel Barroso in October.

Minister Flaherty was joined by the Honourable Chris Alexander, Minister of Citizenship and Immigration, members of Parliament from across the Greater Toronto Area (GTA) as well as key Ontario stakeholders, including Karna Gupta, President and CEO, Information Technology Association of Canada; Ian Howcroft, Vice-President, Canadian Manufacturers and Exporters–Ontario; Thomas Beck, President and CEO, European Union Chamber of Commerce in Toronto; Catherine Swift, Chair, Canadian Federation of Independent Business; and representatives from Spirits Canada and the Canadian Vintners Association.

The Canada-EU trade agreement will generate substantial gains across all key economic sectors, covering every region of Ontario. These sectors include manufactured products such as automobiles and auto parts, chemicals and plastics, information and communications technologies, agriculture and processed food products, and metal and mineral products. The agreement will also benefit the services sector, which is a key driver of Ontario’s economy.

Quick Facts

  • The EU is the world’s largest integrated economy, with more than 500 million consumers and a GDP of $17 trillion.

  • The benefits of the Canada-EU trade agreement will be extensive, including for those who produce primary goods and those who turn them into value-added processed and manufactured products.

  • Out of more than 9,000 EU tariff lines, approximately 98 percent will be duty-free for Canadian goods when the Canada-EU trade pact comes into force.

  • The services sector accounted for 77 percent of Ontario’s overall economy, or $442 billion, and employed some 5.4 million people  in 2012.

  • Canada’s services exports to the EU were worth an average of $14.5 billion annually between 2010 and 2012.


“The Canada-EU trade agreement is Canada’s most ambitious trade initiative and among the most comprehensive the world has ever seen. Here in Ontario, our workers and businesses stand to benefit significantly from preferred access to the EU market—the largest and most lucrative in the world.”

Jim Flaherty, Minister of Finance

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JULY 2018

Vol. 12 - No. 12


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