Ibec, the group that represents Irish business, today said that the Comprehensive Economic and Trade Agreement (CETA) between Canada and the EU, will increase market access opportunities for Irish business and will improve the regulatory regime between the two jurisdictions.
At a high level business event hosted by Ibec, in collaboration with the Canadian Embassy and the Ireland- Canada Business Association (ICBA), Ibec Director of EU and International Affairs, Pat Ivory, stated: “Ibec has worked with strategic business partners at both a domestic and EU level throughout the CETA negotiation process and we are fully supportive of its implementation. More than 600 Irish companies export approximately €1.4 billion worth of goods to Canada each year and a diverse range of sectors are set to benefit from the new agreement including healthcare and mechanical goods.
“Market access will be greatly improved under the new rules and businesses will also benefit from a more coherent regulatory regime. For example, Irish spirits exporters will benefit from the removal of taxes and levies on their products entering the Canadian market and the pharmaceutical sector will benefit from improved IP protection.
“There is a lot of global uncertainty for Irish business at the moment in the wake of as of yet unknown outcomes from Brexit and competitive threats from further afield. By reducing trade barriers, customs costs for importers and exporters and eliminating tariffs, CETA makes it easier for Irish businesses, particularly small firms, to enter the Canadian market or expand existing operations.”
Executive Director of the Ireland Canada Business Association, Kate Hickey stated: “CETA is significant as ICBA members will see 98% of their bilateral trade liberalised. It will give Irish and Canadian companies a real competitive advantage. It will be easier for Irish staff to work in Canada in the short term, while some small and medium enterprises no longer will have to double test their products thanks to the mutual conformity that CETA brings.”
Ibec fully supports a robust trade policy at national and EU level that opens markets for Irish business but also encourages investment in the Irish economy.