TORONTO, Oct. 22, 2013 /CNW/ - The agreement-in-principle to sign a free trade agreement with the
European Union has promising potential for Canadian businesses and
consumers, said Toronto Financial Services Alliance (TFSA) President
and CEO Janet Ecker in a statement today.
"Gaining preferential access to the world's largest economy - with a GDP
of almost $17 trillion and a market of 500 million consumers - will be
good news for a trading nation like Canada," said Ms. Ecker.
The financial services sector, which already has long-standing and
significant business relationships with Europe, will benefit from
"enhanced investment protection in and further access to the EU
market," according to documents released by the federal government
regarding the Canada-European Union Comprehensive Economic and Trade
Ms. Ecker noted that Canadian financial institutions are becoming
increasingly export-oriented. "The value of the industry's exported
services has doubled in the past decade," said Ms. Ecker, "and the
sector now accounts for roughly half of Canada's total stock of outward
foreign direct investment. What's more, exports by financial companies
are growing faster than other sectors and CETA could open new
opportunities for our financial services providers.
"We look forward to receiving the details of this historic agreement and
we encourage the government to continue its trade expansion initiatives
with other countries," she said.
About the TFSA:
The Toronto Financial Services Alliance is a public/private initiative,
the mandate of which is to enhance and promote the long-term
competitiveness of Toronto as a top ten global financial services
centre. Its membership encompasses core financial services companies -
banks, brokerages, investment fund managers, insurance companies - as
well as partner sectors - accounting, law and education. The TFSA was
created in 2001 by the financial services industry, in partnership with
the City of Toronto. With the federal and provincial governments now
joining the partnership, TFSA has created the Global Risk Institute to
leverage the sector's reputation in risk management and the Centre of
Excellence in Financial Services Education to capitalize on its talent
advantage. For more information, please check our website at www.tfsa.ca.
SOURCE: Toronto Financial Services Alliance
For further information:
Tel. (416) 822-3130