Business View Magazine | May 2019

166 BUSINESS VIEW MAGAZINE MAY 2019 THE EUROPEAN UNION The trade agreement between Canada and the European Union, CETA, is an ambitious bilateral trade agreement with tremendous economic potential for the fish and seafood sector. CETA provides Canada with preferential access to more than 500 million consumers across the European Union. Before CETA, EU tariffs for fish and seafood averaged 11 percent and could reach as high as 25 percent. Today, almost 96 percent of EU tariff lines for fish and seafood products have become duty-free. This is great news for our exporters. THE ASIA-PACIFIC Since being elected, our government has worked with other key Asia-Pacific countries to negotiate and conclude the Comprehensive and Progressive Agreement for Trans-Pacific Partnership – otherwise known as the CPTPP– which taps into 10 nations, including markets such as Japan, Vietnam, and Singapore. Since December 30, 2018, the CPTPP entered into force among the first seven countries, including Canada, Australia, Japan, Mexico, New Zealand, Singapore, and Vietnam with completion of respective domestic ratification processes. Once fully implemented, the CPTPP will form one of the largest trading blocs in the world, representing 13.5 percent of global GDP, and providing preferential access to a market of 500 million new consumers for Canadian products. The countries in the Asia-Pacific region are home to some of the world’s fastest-growing middle-classes. The CPTPP is the cornerstone for Canada’s greater engagement with these countries and solidly anchors Canada’s place in this growing market. I should note that the CPTPP also incudes a chapter on small and medium sized enterprises – aimed at making it easier for first time exporters to grow their companies abroad. It establishes a framework for cooperation in areas of mutual interest such as mitigating the impact of climate change, promoting and conserving biodiversity, addressing the illegal