Canada-Europe Trade Agreement

November 18, 2021

Today, with one in five Canadian jobs dependent on exports, our prosperity hinges on opening new markets for Canadian goods, services, and investment.

This is why our Government launched the most ambitious trade agenda in Canadian history. We are working to open new markets to create jobs and opportunities for all Canadians. Prime Minister Stephen Harper recently announced that Canada has reached an agreement in principle on a trade agreement with the European Union.

This is the biggest deal Canada has ever made. Whether you are a fisherman in Atlantic Canada, a forestry worker in Québec, an auto-worker in Ontario, a Prairie farmer, or an engineer from the West – you will benefit from the Canada-Europe Trade Agreement.

It will open new markets to Canadian exporters throughout Europe and generate significant benefits, jobs, and opportunities for all Canadians. The benefits of this agreement are equivalent to creating almost 80,000 new jobs or increasing the average Canadian household’s annual income by $1,000.

Canadian families will have greater access to European goods at a lower cost, as 98 per cent of all tariffs, both ways, will be removed. This will significantly boost trade, investment, and job opportunities for all Canadians.

Canadian businesses will have access to half a billion affluent customers – the world’s single largest market. With this agreement, the number of countries with which Canada has a free trade agreement will triple from 14 to 42. It is expected to inject $12 billion per year in Canada’s economy.

What’s more, our Government is also keeping the three pillars of Canada’s supply management system intact. This will help ensure Canadian industries are protected, while still gaining access to the world’s largest market.

This historic win for Canadians highlights Canada’s continued leadership on the world’s stage. With the international community marred by ongoing political and economic uncertainty, Canada’s continued political and economic stability is the envy of the world’s largest economies.

The signing of this agreement is an important step for Canada’s continued prosperity. Our Government will continue to focus on creating jobs and opportunities for all Canadians.