Friday, February 23, 2024
spot_img
HomeBusinessCanada advances trade priorities with European Union

Canada advances trade priorities with European Union

OTTAWA, Canada – Mary Ng, minister of export promotion, international trade and economic development, advanced Canada’s trade priorities during the fourth joint committee meeting of the Canada-EU Comprehensive Economic and Trade Agreement (CETA), co-chaired with Valdis Dombrovskis, executive vice president of the European Commission.

In a bilateral meeting with Dombrovskis, minister Ng discussed ways to build on the success of CETA and the Canada-EU Summit, held in St John’s, Newfoundland and Labrador, in November 2023.

“They agreed to continue working closely together to make rules-based trade and international cooperation a top priority. Minister Ng further noted Canada’s commitment to contribute to a successful World Trade Organization 13th Ministerial Conference. She underscored the importance of maintaining stability and laying the groundwork for constructive future discussions on issues such as WTO reform. Finally, minister Ng reiterated Canada’s commitment to Ukraine’s long-term economic recovery,” reports Global Affairs Canada.

“At the joint committee meeting, officials reported on the clear benefits of CETA for both Canada and EU member states over the last seven years. CETA, as the heart of the Canada-EU economic, trade and investment relationship, has advanced diversification in key industrial, service and investment sectors and supply chains. CETA has also led to greater cooperation in priority areas, including the environment, critical minerals and regulations.”

The joint committee meeting concluded the meeting by outlining the path forward and four key achievements since the committee last met:

  1. The committee announced in a joint statement that Canada and the EU had reached agreement on an Interpretation on Investment which adds more clarity for the investors in terms of investment provisions under CETA;
  2. The joint committee announced the conclusion of negotiations at the technical level on text establishing rules to facilitate access of small and medium-sized enterprises (SMEs) to investment dispute resolution under CETA, which will enhance the ability of SMEs to participate and benefit from the opportunities created by CETA;
  3. The committee welcomed progress toward the adoption of a mutual recognition agreement for professional architects. The agreement builds on CETA’s benefits for professionals and small businesses, as it will facilitate the process of seeking recognition for professional qualifications across the EU and Canada for their respective architects;
  4. The Joint Committee welcomed progress on CETA’s protocol regarding good manufacturing practices for pharmaceutical products, which will contribute to greater supply chain resilience for medical drugs in Canada and the EU.

“Canada and the EU stand united by shared values, reaffirming our unwavering commitment to sustainable economic growth, upholding the rules-based international order and safeguarding our environment from the impacts of climate change. CETA is a cornerstone of our partnership, and Canada is committed to advancing joint efforts toward job creation and economic prosperity on both sides of the Atlantic,” said minister Ng.

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img
spot_img

Caribbean News

Global News

‘We are not where we might have hoped to be at this point’ UK-WTO

Delivered by the UK on 14 February 2024 at the World Trade Organization General Council. ENGLAND /SWITZERLAND - Clearly we are not where we...