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Minister Costello meets Canada’s International Trade Minister in London

The Minister of State for Trade, Joe, Costello, T.D., met his Canadian counterpart, the Honourable Edward Fast, Minister for International Trade in London on 6 August 2012.

Discussing the bilateral trade relationship, Minister Costello commented that:

“Irish indigenous company exports to Canada have grown substantially in the last five years with Irish technology companies doing particularly well in Canada’s financial services, telecoms and life sciences sectors.”

Both Ministers agreed that while the relationship was strong, there were greater opportunities to be availed of, particularly when the Canada- EU Comprehensive Economic and Trade Agreement (CETA) is finalised.  Minister Costello reiterated Ireland’s support for securing an ambitious CETA deal.

“With studies showing that further liberalisation of the EU-Canada trade relationship could facilitate an expansion of two-way trade by some €25 billion, the benefits of an ambitious and comprehensive economic agreement between two major transatlantic economies are too important to forego, especially when international trade is an important stimulus to our growth objectives.”     

Both ministers also discussed wider bilateral relations.  Recalling the strength of the Irish diaspora in Canada, Minister Costello outlined the plans in place for The Gathering in 2013 and expressed the hope that we would be welcoming a large contingent from Canada.

Notes for Editors

  • In 2011, Canada was Ireland’s 19th largest merchandise trading partner with merchandise trade valued at €884 million (+ 8.1% on 2010). Exports: €627.4 million (+9.04%). Imports: €256.5 million (+5.85%). 
  • In 2010, Canada was Ireland’s 20th largest services trading partner with services trade valued at €1,049 million (+35% on 2009).  Exports: €555 million (-9.5%). Imports: €494 million (+78%).
  • Canada is now attracting one quarter of all Irish investment abroad. Some 60 Irish companies now have a presence in Canada employing over 6,000 Canadians. 
  • Ireland is the 4th largest recipient of Canada’s overseas investment with some 80 Canadian companies based there. 
  • The value of bilateral trade in goods between Canada and the EU was €52.5bn in 2011. On 6 May, 2009 Canada and the EU launched negotiations for a Comprehensive Economic and Trade Agreement (CETA) with both partners committed to an advanced agreement, exceeding in its level of ambition any trade and economic agreement negotiated either by the EU or by Canada to date.  Both sides are aiming to conclude negotiations by the end for the year.