Port of Montreal and Quebec would benefit from free-trade agreement between Canada and European Union

Ms Vachon was responding to an announcement today at the Port of Montreal by the Honorable Pierre Claude Nolin, Senator, in which he outlined the benefits in job creation, economic growth and long-term prosperity that would follow such an agreement. Negotiations between Canada and the EU are ongoing. “The lowering of often high tariffs would unleash new export opportunities for Quebec agricultural and forestry products, as well as for our commodities, seafood and other products,” said Ms. Vachon. “In return, we would have improved access to manufactured goods from Europe. As Canada’s primary gateway to and from Europe, the Port of Montreal and the maritime community would enjoy significantly more maritime traffic as a result of this ambitious agreement.”Fully two-thirds of Canada’s international trade flows through the Quebec-Ontario corridor, in which Port of Montreal plays a strategic role as the only container port along the entire route. European markets already represent 41 percent of the Port’s traffic, with containers accounting for 70 percent of that number. The signing of a free-trade agreement with the EU would mean greater traffic for the port, including significantlygreater container traffic. Container traffic has been shown to generate the most jobs for the economy as a whole, at a rate of one job per additional 100 containers. A study between Canada and the European Union indicates the agreement would boostCanada’s income by $12 billion annually and bilateral trade by 20 percent. This is equivalent to creating 80,000 new jobs. The EU is already Canada’s second-largesttrading partner and the world’s largest integrated economy, with more than 500 million consumers. Ongoing negotiations with the EU represent Canada’s most ambitious trade initiative ever, significantly greater than the North American Free Trade Agreement (NAFTA).