NMMA Canada announced its support of the agreement in principle of the Canada/Eurpean Union Comprehensive Economic and Trade Agreement (CETA).
In mid October, the Canadian Government reached an agreement in principle on CETA. According to Prime Minister Stephen Harper, CETA is the most ambitious trade agreement in Canadian history. It includes the trade of goods and services, investments, and government procurement and offers the opportunity for additional partnerships in areas such as regulatory cooperation.
"This is the biggest, most ambitious trade agreement that Canada has ever reached, and it will generate substantial gains across all key economic sectors covering every region of Canada,' said Ed Fast, Minister of International Trade. "In fact, Canada will be one of the only developed countries to have preferential access to the world's two largest markets: the European Union and the United States. The competitive edge and combined access to these marketsâ€”and their more than 800 million affluent consumersâ€”will make Canada the envy of trading nations all over the world. It will also make Canada an even more attractive destination for investors and manufacturers, and this in turn will create thousands of new jobs and new opportunities for all Canadians.'
Canadian organizations in areas such as manufacturing, fish and seafood, metal and mineral products, technology, forestry and wood products, and agriculture and agri-food, potentially stand to benefit from increased access to a 28-country market that's said to currently generate $17 trillion in annual economic activity.
"The elimination of approximately 98 percent of all EU tariffs on the first day the agreement comes into force will translate into new export opportunities for Canadian businesses of all sizes,' said Minister Fast.
In September 2013, NMMA Canada wrote to the Minister of International Trade, Foreign Affairs, Trade and Development Canada stating its support for the federal government's timely conclusion of the Canada-EU CETA negotiations and reiterating the importance for this agreement to be finalized as soon as possible.
Global Public Affairs, a Canadian government relations and lobbying organization with locations across the country, says that the draft Canada-EU CETA will return to each respective jurisdiction for technical tweaking, legal scrubbing, translation and ratification into law. The process is expected to take from 18 to 24 months, according to Canada's Chief Trade Negotiator.