News Column

Minister Oliver Promotes Canadian Economic Leadership to European Partners

June 23, 2014



OTTAWA, Ontario, June 23 -- The Department of Finance Canada issued the following news release:

Finance Minister Joe Oliver will visit London, Berlin and Warsaw this week to promote Canada's economic strengths, to meet with government officials and representatives from the financial sector, and to encourage further trade and investment between Canada and Europe.

Minister Oliver will deliver three keynote addresses. On June 24, he will speak at the Global Borrowers and Investors Forum in London. On June 25, he will address a business audience at the Canadian embassy in Berlin at an event being held in partnership with Atlantik-Brucke, a non-profit organization focused on transatlantic relations. And on June 27, he will address the International Group of Chambers of Commerce in Warsaw, which includes the Polish-Canadian Chamber of Commerce.

The Minister's visit will build on Canada's burgeoning commercial relationship with Europe. Canada and the European Union (EU) are finalizing a historic trade agreement, which was reached in principle last year. The Canada-European Union Comprehensive and Economic Trade Agreement will significantly boost trade and investment and create jobs and opportunities for Canadians. It will also provide Canada with preferential market access to the EU's more than 500 million consumers and $17 trillion economy.

Quick Facts

- The Canadian economy has enjoyed one of the strongest employment performances of the Group of Seven (G-7) countries, with more than 1.6 million new jobs created since 2006.

- Both the International Monetary Fund and the Organisation for Economic Co-operation and Development expect Canada to be among the strongest growing economies in the G-7 over this year and next.

- For the sixth year in a row, the World Economic Forum rated Canada's banking system as the world's soundest.

- Three major credit rating agencies--Moody's Investors Service, Fitch Ratings and Standard and Poor's--have reaffirmed their top ratings for Canada, and it is expected Canada will maintain its AAA rating in the year ahead.

- Since 2006, Canada's tax competitiveness and overall business environment have been significantly improved, with the result that Canada now offers the lowest overall tax rate on new business investment in the G-7.

Quotes

"Canada has weathered the global economic storm better than most countries, and our Government remains squarely focused on creating jobs, growth and long-term prosperity while returning to balanced budgets in 2015. An essential component of Canada's Economic Action Plan is to open new markets for Canadian exports and to encourage new business investment in Canada. That is precisely what our trade agreement with the European Union will do. I look forward to working closely with my European colleagues to create jobs and foster a strong, sustainable and balanced global economy."

- Joe Oliver, Minister of Finance

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