Ontario’s Liberal government says that Canada’s proposed trade pact with Europe could create 30,000 new jobs in this province.
In a statement released Sunday evening, Michael Chan, Ontario’s minister of international trade, said he also expects the deal will boost the province’s GDP by $4.5 billion. He did not indicate what kind of timeline those estimates are based upon.
The Canada-European Union Comprehensive Economic and Trade Agreement (CETA) was signed by Prime Minister Justin Trudeau in Brussels on Sunday. The deal, which still needs to be ratified by the EU, will remove or lessen tariffs and other barriers to trade with the European Union. CETA was brought back from the brink last week after Wallonia, a small region in Belgium, reversed its opposition to the deal.
Chan thanked Ottawa and European negotiators for what he called a “historic success.”
“I am thrilled that this important step towards the implementation of the Canada-European Union Comprehensive Economic and Trade Agreement has been taken following tremendous commitment and hard work by all parties involved,” he said.
With 28 member states and a population of more than 500 million, the EU is Ontario’s second-largest trading partner, according to the provincial government.