This article was last updated on April 16, 2022
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As Canada nears to finalize a comprehensive free trade deal with Europe, Prime Minister Stephen Harper mentioned that the next big challenge for his government will be to convince Canadian companies to expand their business models to take advantage of the new opportunities.
Since the new trade deal will open new markets across Europe, it is of key importance that Canadian business leaders, who have previously been long focused on the U.S. market, remain prepared to take advantage of the opportunities. While speaking in the heart of London’s financial district, Mr. Harper mentioned on Wednesday he sees as a hurdle stemming from the comprehensive economic and trade agreement inked with the European Union. He mentioned that “for Canada, the real challenge will be the true diversification of our trade and a shift in the mindset of Canadian business culture.” Furthermore, he elucidated that “It has been, for 100 years, about trying to export and often in raw form, as many things as we could quickly south of the border.”
Although several details in the trade pact are yet to be unveiled, Mr. Harper boasted that it is more ambitious than any agreement signed before. He mentioned that “this is probably the most comprehensive trade agreement ever concluded. It goes beyond tariffs on goods and services, chapters on investment, on labour mobility, government procurement, international property standards.” He added that “I think the overall tenor of the deal is to vastly open markets. The deal is anything but protectionist. It’s quite the opposite.”
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