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<p><span style="font-size: 14pt"><span style="font-weight: bold">December 21, 2004 <i>(10:05 a.m. EST)</i><br>
No. 153</span></span></p>
<br>
<p style="text-align: center"><span style="font-weight: bold"><span style="font-size: 14pt">COOPERATIVE FRAMEWORK TO BOOST BUSINESS BETWEEN
CANADA AND EU </span></span></p>
<br>
<p>The Government of Canada and the European Commission (EC) today adopted a
voluntary Framework for Regulatory Cooperation that will facilitate exchanges between
regulators trying to reduce bilateral barriers to trade. The new framework is expected to
enhance market access for producers on both sides of the Atlantic and to promote
dialogue between regulators in the early stages of developing regulations. The goal is
to reduce the impact of regulations on business and avoid potential trade irritants.</p>
<br>
<p>Jim Peterson, Canada’s International Trade Minister, and Günter Verheugen, EC
Vice-President and Commissioner for Enterprise and Industry, welcome the voluntary
framework as an important mechanism for further enhancing trade between Canada
and the European Union (EU). Regulatory cooperation has been identified as one of the
key elements of the proposed bilateral Canada-EU Trade and Investment
Enhancement Agreement.</p>
<br>
<p>“Closer cooperation between Canadian and European regulators is increasingly
important for the transatlantic marketplace,” said Minister Peterson. “This is just one of
many ways in which Canada is further enhancing its strong commercial relations with
the EU. This framework will also be a key element in our proposed bilateral Trade and
Investment Enhancement Agreement.” </p>
<br>
<p>“The EU and Canada already enjoy a close trading relationship. But this new form of
cooperation is a smarter way of enabling our regulators to handle health, safety,
environment and consumer protection issues more effectively,” said EC
Vice-President Verheugen.</p>
<br>
<p>Under negotiation for the past two years, the Framework for Regulatory Cooperation
has been a priority initiative for the EC, Canada and transatlantic stakeholders.
Negotiations began following a commitment by leaders at the Canada-EU Summit held
in Ottawa on December 19, 2002, to intensify regulatory dialogue between Canada and
the EU and to work toward a new framework in this field. The framework outlines
specific cooperative steps that Canadian and European regulators are encouraged to
follow in bilateral dialogues, including early and regular consultations, data and
information exchanges, and the sharing of anticipated regulatory approaches. The
framework encourages greater dialogue, transparency and working-level cooperation to
help strengthen the bilateral economic relationship.</p>
<br>
<p>The EU is Canada’s second largest trading partner after the U.S., accounting for
10 percent of total Canadian goods imports and 6 percent of total Canadian exports.
Investment has become the most significant element of the Canada-EU economic
relationship. Canada is the fourth largest investor in the EU after the U.S., Switzerland
and Japan, holding 4 percent of EU inward stock in 2002. The EU is the second largest
investor in Canada, accounting for about 27 percent of Canadian inward stock last year. </p>
<br>
<p>Canada’s principal imports from the EU are machinery (24 percent), transportation
equipment (21 percent), chemical products (15 percent) and agricultural products
(7 percent). Canada’s main exports to the EU are machinery (22 percent),
transportation equipment (21 percent), agricultural products (10 percent) and chemical
products (6 percent). </p>
<br>
<p>Regulators in the European Commission and Canada are now identifying initial projects
to be pursued under the framework.</p>
<br>
<p style="text-align: center">- 30 -</p>
<br>
<p>For further information, media representatives may contact:</p>
<br>
<p>Jacqueline LaRocque<br>
Director of Communications<br>
Office of the Minister of International Trade<br>
(613) 992-7332</p>
<br>
<p>Media Relations Office<br>
Foreign Affairs Canada and International Trade Canada<br>
(613) 995-1874<br>
<a href="https://bac-lac.wayback.archive-it.org/web/20071121065117/http://www.international.gc.ca/"><span style="color: #0000ff"><span style="text-decoration: underline">http://www.international.gc.ca</span></span></a><span style="color: #000000"></span></p>
<br>
<p><span style="color: #000000">Jan Eric Frydman</span></p>
<p><span style="color: #000000">European Commission</span></p>
<p><span style="color: #000000">(011 32 2) 296 7551 </span></p>
<p><span style="color: #000000">E-mail Jan.Frydman@cec.eu.int</span></p>
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