ST. JOHN'S, NL, April 27, 2012 /CNW/ - Today Rutter Inc. (TSX: RUT) hosted the Minister of Intergovernmental Affairs and President of the Queen's Privy Council, the Honourable Peter Penashue, in highlighting the benefits that a trade agreement with the European Union (EU) will bring to the people of Newfoundland and Labrador.
Minister Penashue spoke on the potential Canada-EU Comprehensive Economic and Trade Agreement (CETA), which is scheduled to be finalized this year. This advancement in free trade will provide many benefits and opportunities for companies in these regions, many of whom rely heavily on international sales.
"The future Canada-European Union Comprehensive Economic and Trade Agreement is an example of international cooperation that will provide lasting benefits to the Canadian economy," said Fraser Edison, President and CEO of Rutter Inc. "The European Union is the largest single market in the world and is already one of Canada's top trading partners. We are very excited about the future opportunities that increased trade cooperation can create for our company."
"More than 60 per cent of Canada's annual income (Gross Domestic Product) and the jobs of one in five Canadians are generated by trade," said the Honourable Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, who delivered a keynote address at the Economic Club in Ottawa to mark events being held nationwide. "An ambitious trade agreement with the European Union would benefit Canada significantly: a 20 per cent boost in bilateral trade and a $12 billion annual increase to Canada's economy. That is equivalent to an increase of $1,000 in the average Canadian family's income or 80,000 new jobs, which would benefit all regions of our country. This is why workers and businesses of all sizes, across all sectors of our economy, strongly support a Canada-EU trade agreement, which we are on track to concluding."
With over 500 million consumers and a GDP of over $17 trillion, the EU is the world's largest market. In addition to trade liberalization, the ongoing Canada-EU negotiations include a number of other subjects with the potential to increase economic integration between the two parties, such as investment protection, government procurement and labour mobility. These negotiations represent Canada's most significant trade initiative since the North American Free Trade Agreement (NAFTA).
About Rutter Inc. - Rutter is an enterprise focused on providing innovative technologies. Rutter's global network supplies technologies to improve efficiency and safety in the marine, defense, transportation, and oil and gas sectors from its headquarters in the province of Newfoundland and Labrador. For more information go to: http://www.rutter.ca.
This press release may contain forward-looking statements that involve risks and uncertainties. These statements reflect current expectations and are subject to a number of risks and uncertainties including but not limited to, change in technology and general market conditions. Due to the many risks and uncertainties, Rutter Inc. cannot assure that forward-looking statements that may be contained in this press release will be realized.
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For further information:
President and Chief Executive Officer
Office of the Honourable Ed Fast
Minister of International Trade and
Minister for the Asia-Pacific Gateway
Office of the Minister of Intergovernmental Affairs and
President of the Queen's Privy Council for Canada
Trade Media Relations Office
Foreign Affairs and International Trade Canada