Government of Canada Supports a Strong European Union
June 14, 2016 – London, United Kingdom – Department of Finance Canada
Canada has always relied on access to the world’s markets to sustain our positive approach to creating long-term economic growth that will create jobs, build thriving communities and lead to a better quality of life for middle class Canadians.
During a visit to London, UK today, Finance Minister Bill Morneau reaffirmed Canada’s preference for a stable, solid trade relationship with the UK as part of the Canada and European Union Comprehensive Economic and Trade Agreement (CETA).
In a meeting with the Chief Secretary to the Treasury, Greg Hands, Minister Morneau highlighted the importance of strong trade between our two countries, pointing to the success of the North American Free Trade Agreement (NAFTA)—the first comprehensive trade agreement of its kind—which has had an overwhelmingly positive effect on the Canadian economy, and provided opportunities for hard-working families.
Today, CETA sets the standard globally for modern, progressive, 21st century trade agreements. Like NAFTA in North America, it will contribute to a higher quality of life for hard-working families by creating jobs, increasing investments and generating growth.
When it comes into effect, 98 percent of all Canadian and EU tariff lines will be duty-free. A joint Canada-EU study concluded that a trade agreement with the EU could boost this trade by over 20 percent.
Minister Morneau concluded by reaffirming that Canada has been successful in maintaining strong trade relationships around the world, and we intend to continue being a strong partner for the UK, and that CETA is a clear demonstration that an inclusive and European progressive trade agenda tailored to the 21st century is possible.
“CETA is unique, it is solid, it was hard earned and it cannot easily be replaced. As the British people make their choice in the coming days, they should know that if the UK were to leave the EU, British families would not benefit from the jobs and opportunity CETA will create. We want to move our trade relationship forward, not back. As they make their choice we urge the British people to consider all that we’ve accomplished together.”
- Bill Morneau, Minister of Finance
Office of the Minister of Finance
Department of Finance Canada