Irish exports to Canada could double from to an estimated €2.4bn under a new trade agreement signed late last year between the EU and Canada, a seminar heard today.
Hosted by European Movement Ireland, the seminar was entitled ‘Trading our way to prosperity: The EU and Free Trade and speakers included Leo Varadkar, TD, Minister for Transport, Tourism and Sport, Paul Mahon, president and CEO, Great-West Lifeco and Catherine Day, secretary general, European Commission.
Mahon said he believed the Comprehensive Economic and Trade Agreement (CETA) involving the EU and Canada represented a huge opportunity for Ireland in particular.
“It’s estimated that CETA could raise bilateral trade by 23pc or €26bn. The benefits are estimated to be €11.6bn for Europe and €8.2bn for Canada. With almost half the benefits expected to be in services and Ireland having such a strong base in service related industry, there is a huge opportunity here for Ireland.
“Great-West Lifeco has seen first-hand the benefits of doing business in and from Ireland. With its skilled workforce and ability to serve as an English speaking hub for access to the rest of Europe, Ireland has an opportunity to capture a disproportionate amount of the benefits that will be generated by CETA.”