For Immediate Release
Ottawa, Oct. 21, 2016—The collapse of talks between Canada and European Union around the Comprehensive Economic and Trade Agreement (CETA) represents a serious setback for efforts to restore economic growth, says the Canadian Chamber of Commerce.
“Canada and the EU are advanced democratic societies with shared values and history, and CETA is the most modern and balanced trade agreement in the world. It would be hard to find two partners that are better-suited to building a an economic alliance, so it’s incredibly disappointing to see the agreement fall short of the finish line by a few inches. There are very few points still in contention, and the meetings I’ve had with European business representatives and parliamentarians all showed promising signs. Yet, right now, short-sighted protectionism is winning out,” said the Hon. Perrin Beatty, President and CEO of the Canadian Chamber of Commerce. “The European business community supports this agreement, as does the Canadian business community. Ratifying CETA would provide an important signal that the EU can still build international relationships in a post-Brexit world, so it’s particularly damaging to have it fall short because of internal politics,” he continued.