TORONTO – Kathleen Wynne’s Liberal government is welcoming the signing of the free trade agreement between Canada and the European Union.
International Trade Minister Michael Chan issued a statement Sunday night saying he was “thrilled” the accord has taken this “important step” toward implementation.
READ MORE: CETA may be signed but trade deal not sealed and delivered just yet
After seven years of tough negotiations, delays and deadline drama Prime Minister Justin Trudeau finally signed the Canada – European Union Comprehensive Economic and Trade Agreement – known as CETA – in Brussels Sunday morning.
The deal still needs to be ratified by the European Parliament as well as the myriad governments of the nations involved.
READ MORE: CETA: Canada-EU trade deal signed by Justin Trudeau, EU officials
But Chan says lowering trade barriers between Canada and the EU will eventually result in the creation of 30,000 new Ontario jobs and a $4.5 billion boost to the province’s GDP.
He notes Ontario’s exports to European Union countries totalled more than $19 billion dollars last year, making the EU the province’s second largest trading partner. And he says Ontario will continue to work closely with the federal government to ensure the province gets the maximum benefit from CETA.