Canada and the European Union have a strong bilateral trade and investment relationship, rooted in a close economic partnership and longstanding people-to-people ties. Today, the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, concluded a successful Comprehensive Economic and Trade Agreement (CETA) Joint Committee Meeting.
Yesterday, while in Québec's Montréal metropolitan area, Minister Ng welcomed the Valdis Dombrovskis, European Commission Executive Vice-President (EVP) and European Commissioner for Trade. Minister Ng and EVP Dombrovskis toured Nano One Material's new plant in Candiac, Québec, which produces material for the electric vehicle battery supply chain and is one of the companies contributing to the implementation of Canada's critical mineral strategy.
In Ottawa, Minister Ng and EVP Dombrovskis co-chaired the CETA Joint Committee meeting, at which they reviewed the positive economic benefits of the agreement for businesses, workers, and communities on both sides of the Atlantic. Minister Ng highlighted that over the past five years, two-way trade has risen over 33%, with Canadian exports to the EU reaching a record high of $32.5 billion in 2021, an increase of nearly 50% from 2016.
Minister Ng welcomed the Joint Committee's work to ensure that CETA continues to respect workers' rights, provide a high level of environmental protection, and benefit women and Indigenous owned small and medium-sized enterprises (SMEs). During the meeting, Canada and the EU committed to continue working together to resolve outstanding trade irritants and to seek clarifications with respect to CETA's investment provisions.
Minister Ng reiterated Canada's ongoing efforts to hold Russia to account for its illegal, unjustifiable and unprovoked invasion of Ukraine and the worsening humanitarian, energy and food crisis in Europe. This includes imposing severe sanctions on the Russian regime and Canada's work to stabilize energy markets by helping to address short-term supply shortages, while continuing to advance clean hydrogen, strengthen critical mineral supply chains, and support opportunities to increase liquefied natural gas exports.
The ministers participated in a roundtable with a cross section of organizations representing Canadian and European businesses, including SMEs, women and Indigenous-owned companies, to discuss how CETA is contributing to transatlantic economic security and creating opportunities to grow bilateral trade.
