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Ottawa, Oct. 30, 2016— The Canadian Chamber of Commerce welcomes today’s signing by Prime Minister Trudeau and EU representatives of the historic Comprehensive Economic Trade Agreement between Canada and Europe, the first of a new generation of trade agreements.

“Today marks a first step into new trade territory. CETA goes far beyond traditional trade agreements and it enshrines environmental and social protections for signatory countries. Once the agreement is in effect, Canadian and European businesses will immediately profit from lower tariffs and enhanced access to larger markets. CETA will benefit businesses and citizens on both sides of the ocean,” said the Hon. Perrin Beatty, President and CEO of the Canadian Chamber of Commerce. “We want to congratulate the Canadian government for overcoming some tough hurdles, and we look forward to working with our European counterparts in making the most of this deal.”

CETA eliminates or reduces tariff and non-tariff barriers, making Canadian goods, technologies and services more competitive in the lucrative EU market. The benefits of the agreement will reach businesses of all sizes in a wide range of sectors. The added economic activity and greater choice will also be beneficial to those companies’ workers and their families, and to consumers. Overall, the agreement could inject over $12 billion of new revenue into the Canadian economy, boosting bilateral trade by 20 percent, according to a joint Canada-EU study. Europeans businesses would enjoy similar benefits in Canada.

“We are pleased that the EU Commission received the support of their member countries. Ultimately, everyone has recognised that CETAwill have positive outcomes for decades to come. The agreement will provide a vital boost to our economies,” said Mr. Beatty. “It shows that despite the challenges of the past months, Europe remains open for business. That openness will remain critical as we move to the county-by-country ratification of CETA.”

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The Canadian Chamber of Commerce is the vital connection between business and the federal government. It helps shape public policy and decision-making to the benefit of businesses, communities and families across Canada with a network of over 450 chambers of commerce and boards of trade, representing 200,000 businesses of all sizes in all sectors of the economy and in all regions. News and information are available at Chamber.ca or follow us on Twitter @CdnChamberofCom

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Contact:

G. Will Dubreuil Director, Public Affairs and Media Relations Canadian Chamber of Commerce 613.797.1860 gdubreuil@chamber.ca