Top News

New Brunswick to benefit from European trade agreement

Premier Brian Gallant
Premier Brian Gallant

FREDERICTON, N.B. – The Comprehensive Economic and Trade Agreement (CETA) came into effect todday, eliminating virtually all tariffs between Canada and countries within the European Union (EU).

New Brunswick Premier Brian Gallant said the European market represents a tremendous opportunity.

“This agreement will allow New Brunswick businesses to grow and create jobs as they are given the opportunity to export items to the EU.”

Previously, only 25 per cent of EU tariff lines on Canadian goods were duty-free. Beginning today, 98 per cent will be duty-free, and an additional one per cent will be phased out over a seven-year period.

“To grow our New Brunswick economy, we have to diversify, and that is why CETA is so important: it enables us to do just that,” said Treasury Board President Roger Melanson, who is also the minister responsible for trade policy. “The free flow of goods between New Brunswick and Europe is going to diversify our markets, especially in the agriculture, forestry, seafood and aquaculture industries, which will help us promote New Brunswick businesses and create opportunities that will drive our economy forward.”

In 2016, almost $122 million in New Brunswick goods were exported to the EU, while $444 million in goods were imported from the EU to New Brunswick that same year.

Exports of New Brunswick seafood to key European markets were valued at $61.1 million in 2016, up from $50.4 million in 2015. For fish and seafood, almost 96 per cent of EU tariff lines become duty-free as CETA takes effect.

Latest News