Executive Council
Business, Tourism, Culture and Rural Development
May 12, 2016

Strengthening the Economy Through Strategic Partnerships

European Union Ambassadors to Canada Visit Newfoundland and Labrador

Newfoundland and Labrador's innovative business community, world-class research institutions, and rich culture are on display this week as 23 European Union (EU) Ambassadors to Canada visit the province.

"We are pleased to welcome the delegation of European Ambassadors to Newfoundland and Labrador. As Canada's second largest trade and investment partner, we look forward to strengthening our respective economies for our mutual benefit. We welcome companies in the European Union to explore opportunities to do business with Newfoundland and Labrador's dynamic and resourceful organizations, and I am confident this mission will further solidify our historic connections with our colleagues from the European Union."
- The Honourable Dwight Ball, Premier of Newfoundland and Labrador

In 2015, Canada's merchandise exports to the EU totalled $37.7 billion and the EU continues to be one of the province's largest trading partners. Participating in the European marketplace provides tremendous opportunities for local companies to improve their overall competitiveness and access lucrative international markets. By selling internationally, companies can gain insights on customer requirements, competitor activity, and different ways of doing business.

"This week we will share the best of Newfoundland and Labrador's heritage, advanced technology industries, as well as academic achievements with the EU Ambassadors. We also look forward to working with our EU counterparts to grow our respective economies through strong cooperation and the implementation of the Comprehensive Economic and Trade Agreement."
- The Honourable Christopher Mitchelmore, Minister of Business, Tourism, Culture and Rural Development

The Comprehensive Economic and Trade Agreement (CETA), once in force, will position Newfoundland and Labrador to take advantage of the largest consumer market in the world. CETA will create an investment environment that reduces regulations and streamlines the flow of goods, services, and investments, providing unprecedented access to the EU marketplace. CETA will also result in the elimination of over 99 per cent of fish and seafood tariffs, effectively making fish and seafood duty-free once CETA comes into effect. This will increase the opportunity for improved market access with the potential to add over $100 million annually to the fishing industry.

QUICK FACTS

• Newfoundland and Labrador is welcoming 23 European Union (EU) Ambassadors to Canada to the province this week.
• In 2015, Canada's merchandise exports to the EU totalled $37.7 billion and the EU continues to be one of the province's largest trading partners.
• Once in force, CETA will position Newfoundland and Labrador to take advantage of the largest consumer market in the world and will result in the elimination of over 99 per cent of the fish and seafood tariffs.

• Ministerial Statement - Province Welcomes European Union Ambassadors to Canada to Newfoundland and Labrador

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Media contacts:

Nancy O'Connor Director of Communications Office of the Premier 709-689-1825 nancyoconnor@gov.nl.ca	Erin Curran Communications Specialist Office of the Premier 709-725-9231 ErinCurran@gov.nl.ca
Tansy Mundon Director of Communications Department of Business, Tourism, Culture and Rural Development 709-729-4570, 693-1865 tansymundon@gov.nl.ca

2016 05 12                              9:30 a.m.