May 26, 2016
According to the Institut du Québec (IdQ), a research centre created by the Conference Board of Canada and HEC Montréal, the Comprehensive Economic and Trade Agreement (CETA) with Europe could generate additional sales of over $320 million per year for Quebec’s manufacturers. Two reports published by the IdQ confirm that this major agreement, to be signed in the next few months, will let Quebec companies more fully integrate the European Union market thanks to access to public contracts, lower tariffs and standardized certifications.
“With $324 million in additional sales for Quebec companies, this is a vitally important second-generation trade agreement that goes farther than NAFTA,” says IdQ President Raymond Bachand. In addition to predicting the impact of CETA on exports, the Institute describes the winning strategies that Quebec firms – mainly SMEs – will need to adopt if they want to do business in Europe. They will have to innovate constantly to come up with new products, target high value-added niches and develop export expertise in North America before taking on the European market. They would also do well to take advantage of the special bonds between Quebec and the European Mediterranean zone to help them develop business there. In fact, the countries in that zone are expected to post attractive economic growth in the coming years.
Both reports are available on the Institut du Québec site.