CETA In Canada Essay

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Recommended: Impactively address impact of CETA on Canadian economy

The CETA is designed to benefit every region of Canada. The Canadian government claims is will create new opportunities by opening new markets for Canadian businesses and creating new jobs for Canadian workers. CETA is broader in scope and deeper in ambition than the historic North American Free Trade Agreement. (ICECORP, 2016)

Canada’s historical and cultural ties with the EU make it an ideal partner for a comprehensive and ambitious free trade agreement. The Province of Newfoundland and Labrador has more recent historical ties as it was a colony of The United Kingdom until 1949 when the people of the province decided to join Canada (Hillier, 2013). The EU, with its 28 member states, 500 million people and with an annual economic activity of almost $17 trillion, is one of the largest and most lucrative markets in the world. It is also the world’s largest importing market for goods: the EU’s annual imports ($2.3 trillion) are worth more than Canada’s total gross domestic product (GDP), which stood at $1.8 trillion in 2012 (Europa.eu, 2015). Reducing and eliminating tariff and non-tariff barriers will make Canadian goods, technologies and expertise more competitive in the EU market and benefit businesses of all sizes, as well as workers and their families. …show more content…

Put another way, the economic benefit of a far-reaching agreement would be equivalent to creating almost 80,000 new jobs or increasing the average Canadian household’s annual income by $1,000. This is to adding 80 percent of the total number of jobs currently found in St. John’s, Newfoundland and Labrador to the Canadian

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