Board of Trade CEO joins roundtable on CETA’s economic benefits
October 25, 2013
The Vancouver Board of Trade’s President and CEO, Iain Black, participated in a roundtable discussion today with federal Minister of International Trade, Ed Fast, on the recently signed Canada-EU trade deal.
The roundtable, which took place at Port Metro Vancouver, brought together business and industry leaders to share ideas and hear from Minister Fast about the benefits of the new Comprehensive Economic and Trade Agreement (CETA), including how it will create jobs for Canadians and foster long-term economic growth.
Black attended the meeting on behalf of The Vancouver Board of Trade’s 5,000 business members, which collectively represent more than one-third of B.C.’s workforce.
Black also has a personal connection to the agreement. As B.C.’s former minister of economic development, he previously participated in the sub-national negotiations on behalf of our province. As a result, he understands the challenges that were encountered, and thus, the great accomplishment this historic agreement represents.
“CETA is a huge win for our country. Economic impact aside, it was groundbreaking because all provinces were included in the negotiations,” said Black. “It’s no secret that this historic agreement will have widespread benefits for nearly all Canadians. But what’s really exciting for us in British Columbia, is the potential this has to strengthen some of our leading industries,” he added.
“Under CETA, we will see the elimination of tariffs on some of B.C.’s key exports — everything from seafood and agri-food products, to metals, minerals and forestry products. Simply put, this agreement will make many B.C. companies more competitive in the European Union — the world’s largest integrated economy, with more than 500 million consumers.”
Black also pointed to a joint Canada-EU study, which estimated a free trade agreement could boost Canada’s economy by $12 billion annually, while increasing bilateral trade by 20 per cent.
In addition, the new agreement will lead to predictable investment rules, which will ensure Canadian businesses are treated no less favourably in the EU than European businesses, as well as provisions that will provide greater certainty, transparency and protection for investors in both regions.
For more information on the Comprehensive Economic and Trade Agreement, visit the federal government’s website actionplan.gc.ca/ceta.