Brussels, 26 October 2016 - On behalf of the EU chemical industry, Cefic has called for a last push towards signing the CETA EU-Canada trade deal. Cefic hopes this important and ambitious agreement can still be signed during an EU-Canada summit on 27 October, or shortly after.
Marco Mensink, Cefic Director General stated, “Amid ongoing doubt around whether it will be possible to conclude these talks so that CETA can be signed this week, the EU needs to reflect carefully on its engagement with the global economy and about whether to shape and lead the global rules or be on the sidelines”. The rise of emerging economies has turned the global landscape for trade on its head. China now dominates global chemicals production, accounting for almost 40% of world chemicals sales, a position once firmly held by Europe. CETA – like many other international trade agreements - will be crucial to maintain Europe’s strength in the face of such competition.
The continuing failure by the EU to sign off on the CETA deal with trading partner Canada is also a worrying symptom of the EU’s declining leadership in matters of international trade policy. “The resulting damage to the EU’s reputation as a credible trading partner undermines its leadership and its role of establishing the rules for global trade”, said Mr. Mensink.
EU-Canada trade already takes place
Trade already takes place between the EU and Canada without CETA, except that the costs for companies of engaging with their Canadian counterparts are higher than they need to be. Chemicals trade with Canada amounted to 2.5 billion euros, with an annual trade surplus of almost one billion euros for the EU in 2015. In particular small and medium chemical companies on both sides would really benefit from the immediate elimination of chemical tariffs presented by CETA.
Contact: Dervla Gleeson, Cefic Media Relations Manager (email@example.com) +32 2 676 72 89