Waterloo Region – As a global economic leader, Canada is recognized for its political stability, liberal democracy, vast natural resources, highly educated workforce, and soundness of its financial system. With these exceptional traits, Canada will prove to be an ideal partner for the European Union in the most ambitious economic trade initiative in history. The Comprehensive Economic and Trade Agreement (CETA) will highlight Canada’s standing as an attractive location for investment and position us at the forefront of international trade.
The advantages of CETA will be multifold, a few of which are listed here:
• By eliminating nearly all tariffs for Canadian products to the EU, CETA vastly improves our export opportunities to a market of over 500 million people and the world’s largest market. This includes foreign multi-national companies situated here who gain access to 28 diverse European Union countries for products manufactured in Canada;
• Canada will become the gateway to the two largest global economies because of our preferred access to both the EU and the United States;
• For the Canadian consumer, it symbolizes a diversification of product offering as more, varied goods will penetrate our market;
• It will create a platform that allows professional regulatory bodies and associations to sign mutual recognition agreements, allowing engineers, architects and other professionals to work across both regions;
• CETA also makes Canada’s other advantages more meaningful for foreign direct investment, such as energy costs, low healthcare costs, access to a skilled labour force, a secure financial structure, advantageous corporation taxes and generous R&D credits.
Waterloo Region specifically, with its multifaceted manufacturing, ICT, and food industries will profit from the elimination of tariff barriers. The duty-free flow of goods to and from Europe will help optimize operations and production for companies sourcing raw materials and industrial machinery from either location. With over 300 foreign multinational firms in the area, 70 + from the European Union, we already have deep ties with our future CETA partner which will place us in a propitious position in a competitive global landscape.
Catherine Bischoff is Sr. Business & Marketing Analyst at CTT Inc.
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