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            october 24, 2019

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New trade deal to encourage trade between North America and the EU


Canada's new trade deal with the European Union is a door opener for the Port of Montreal that will encourage trade between North America's industrial heartland to Northern Europe, said port authority president and CEO Sylvie Vachon.
Its strategic position between the EU and the NAFTA (North American Free Trade Agreement encompassing the United States, Canada and Mexico) supports the framework free trade agreement which allows tariff-free access to Canadian exporters to a market of 500 million consumers. Importers will also benefit in reduced prices for European industrials and other products.
The agreement which was announced on October 18 will be ratified within two years following conclusion on a number of key issues, according to the Shipping Gazette. 
Montreal Gateway Terminals Partnership CEO Kevin Doherty said the Atlantic stands to see overall cargo volume increases following the trade agreement. Currently, the European market stands at 39 per cent of total traffic to the port and 65 per cent of its total container throughput, totalling 1.3 million TEU in 2012.
"It opens the door to increased exports in reefer containers of beef and pork as well as manufactured products," he said, and other key exports include agri-food products, certain finished and semi-finished products of aeronautic parts, and pulp and paper.
The trade pact is a positive step towards potential port expansion at Contrecoeur, on the St Lawrence River to boost capacity when demand increases, added Ms Vachon.

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