On May 6, Canadian Prime Minister Stephen Harper, along with European Union President Mirek Topolánek and European Commission President José Manuel Barroso announced the historic launch of negotiations toward an economic partnership agreement between Canada and the EU. "At a time when many countries are retreating into protectionism, Canada is showing the way," said Prime Minister Harper. "We are working to open new markets and positioning our country for the future." The partnership has the potential to bring a $12 billion boost to the Canadian economy and lead to significant gains for both Canada and the EU. The EU is the world's largest exporter of goods and services, while one in five Canadian jobs is estimated to be linked to trade. "The EU is second only to the United States when it comes to the size of our trading relationship," said Minister Stockwell Day, Canada's Minister of International Trade and Minister for the Asia-Pacific Gateway. "We are a trading nation. This is very good news for Canada."
Message from Canada's Minister of International Trade, Stockwell Day
In these challenging economic times, multinational companies are increasingly on the lookout for stable and predictable investment opportunities around the world - an environment readily available in Canada.
With a strong, prosperous, and stable economy, as well as the soundest banking systems in the world, Canada's growth prospects are unmatched in the G7, according to the International Monetary Fund. From our competitive corporate taxes to our investments in infrastructure and R&D and our world-class work force, Canada stands as a great place to invest, able to surface above the economic cross-currents.
Canada understands what investors are looking for. Over the years, we have developed a highly business-friendly environment, best demonstrated by our commitment to reduce taxes and increase investments in R&D, and our solid commitment to minimizing red tape for businesses.
Our strategic geographic location is yet another key advantage. As neighbor, partner, and friend to the United States, Canada is highly integrated with the American marketplace, witnessing hundreds of billions of dollars in trade crossing our border each and every year. Through the North American Free Trade Agreement (NAFTA), Canada, the United States, and Mexico have created the most successful free-trade area in the world - one that includes access to a prosperous marketplace of more than 440 million consumers.
Canada also boasts a very open economy. As a trading nation, we expanded far beyond our borders, building strong commercial partnerships with nations around the world. Look around and today you can find Canadian companies, products, expertise, and investment dollars at work across the globe.
With these advantages, the case for doing business in Canada has never been stronger.
As Canada's Minister for International Trade, I invite you to discover why global businesses and investors are choosing Canada as their investment destination of choice.