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Canada Promotes Italian Benefits Of EU FTA

by Ulrika Lomas,, Brussels

12 December 2012

A free trade and economic agreement between Canada and the European Union (EU) would greatly benefit the Canada-Italy trading relationship and help workers and businesses in both countries.

Erin O’Toole, member of Parliament-elect for Durham, told the Italian Chamber of Commerce in Canada that forging new and deeper trade and investment ties in key markets is one of best ways to create good jobs and spur economic growth.

Commenting after O'Toole's speech, Celso Boscariol, President of the Chamber, said: “A trade agreement with the European Union will give Canadian businesses a competitive advantage. Our members welcome the Canadian government’s efforts to strengthen the transatlantic linkages that make our economies stronger.”

In 2011, Canada-Italy two-way merchandise trade exceeded CAD7bn (USD7.1bn). The EU is Canada’s second-largest trading partner and the world’s largest integrated economy, with more than 500m consumers and a gross domestic product (GDP) of over CAD17 trillion. Research has shown that a comprehensive deal with the EU could result in a 20% boost in bilateral trade and CAD12bn annual increase in Canadian GDP.

“While the Canada-Italy relationship has a firm foundation, an ambitious and successful conclusion to the Canada-EU trade negotiations will take our partnership to the next level and unlock its full potential,” Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, added.

Ministers from Canada and the EU met late last month to discuss winding up the talks. Negotiators have been instructed to narrow the gaps on outstanding issues and the aim is to conclude a deal within the coming weeks.

TAGS: tax | business | trade treaty | agreements | Canada | Italy | trade | European Union (EU) | Europe

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