Canada' s Minister of International Trade David Emerson, August 14, 2007. THE CANADIAN PRESS/Richard Lam
OTTAWA - Trade Minister David Emerson is telling Europeans they are missing out on a great opportunity in the future development of the North by not moving aggressively to strengthen economic ties with Canada.
Emerson told a conference on transatlantic trade Thursday that Europe and Canada have not paid close enough attention to trade and investment links, and interest is especially lacking in Europe.
He said two-way trade between Canada and the European Union is substantial at $110 billion, but is tiny in comparison with the $712 billion between Canada and the United States.
While it is natural that the Canada-U.S. trade relationship should be bigger, he said there is no reason it should be more than six times bigger.
He said future development of Canada's natural resources in the North represents a powerful incentive for Europe to become involved.
Emerson said there are a number of long-standing talks with the European Union, including on liberalized investment, air travel, science and technology, but none have reached completion.
The minister said there is no reason Canada and Europe should not work toward a free trade agreement as both sides are democratic, affluent, and have few impediments surrounding issues of labour and environmental standards.
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