How CETA can benefit P.E.I. industries

A new report from the Atlantic Provinces Economic Council is urging companies to take the time to prepare for the lowering of trade barriers between Canada and the European Union.

The Canadian European Union Comprehensive Trade Agreement has been signed, but not yet implemented. The APEC report points to four industries where P.E.I. had significant exports to the EU in 2014.

Bioscience: $41million

More than half of P.E.I.'s bioscience products are exported to Europe.

Seafood: $25 million

Mostly lobster, and the eight per cent tariff on live lobster will be dropped on implementation of the agreement.

Aerospace: $25 million

The airline passenger fleet in Europe is expected to grow more than 70 per cent by 2033.

Blueberries: $3 million

Rising incomes in eastern Europe and increasing awareness of the health benefits of blueberries bring growth potential for this crop.

APEC chief economist David Chaundy said the time before implementation is important for P.E.I. industries.

"This gives firms time to look at what their market opportunities might be or where they might need to prepare for greater competition," said Chaundy.

"Depending on how producers respond, if they're able to respond and meet that competition, be more innovative, they'll retain their market share."

Europe is an enormous market, 10 times bigger than Canada, but companies that are not prepared for the opening of that market run the risk of losing market share in Canada to European companies selling their goods here, said Chaundy.