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Dublin: 14 °C Wednesday 23 July, 2014

Irish trade to Canada set for €1.2 billion boost

EU deal could be worth €26 billion overall.

Image: Canadian Mounted Trooper/via Shutterstock

IRISH EXPORTS TO Canada could double under a new trade agreement recently signed by the EU.

The European Movement Ireland is predicting that exports could grow by as much as €1.2 billion as a direct upshot of the deal.

The impact of the Canadian trade deal, along with another pact with the US which is in the works, was discussed at a seminar in Dublin this morning that was attended by Minister for Transport, Tourism and Sport Leo Varadkar.

Also at the meeting was the EU’s top civil servant, Catherine Day.

Paul Mahon, president of Canadian insurance powerhouse Great-West Lifeco, which bought Irish Life last year, predicted a boom in transatlantic trade spurred on by the Comprehensive Economic and Trade Agreement (CETA).

“It is estimated that CETA could raise bilateral trade by 23 per cent of €26 billion. The benefist are expected to be €11.6 billion for Europe and €8.2 billion for Canada.”

Catherine Day said that “Ireland is well placed to take up and and benefit from these opportunities as economic recovery in the EU strengthens”.

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