Yesterday’s remarks by the Prime Minister indicating that a Comprehensive Economic and Trade Agreement (CETA) with Europe will soon be completed are encouraging for the canola industry. A concluded agreement offers potential for improved market access for canola.
“Market access is critical to our industry – that’s why we’ve been supportive of the negotiations since the beginning,” says Patti Miller, president of the Canola Council of Canada (CCC). “The government’s continued commitment in today’s Throne Speech to trade and to concluding CETA is great news for our industry.”
With more than 85% of canola exported as seed, oil or meal, improving market access is important for the canola industry to earn the most returns from international markets. The benefits for canola from a completed CETA could be significant.
The canola industry estimates that eliminating tariffs through CETA could allow exports of canola oil to Europe to reach up to $180 million annually. The European Union has an ambitious biofuels agenda and canola oil is the preferred feedstock for biodiesel production. Improved market access making Canadian canola oil more competitive could increase returns to the industry.
Canola contributes $19.3 billion to the Canadian economy annually and supports 249,000 jobs. The CCC is a full value chain organization representing growers, crushers, life science companies and exporters.
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Media may contact:
Jim Everson, Vice President, Corporate Affairs
Canola Council of Canada
(613) 230-9990
eversonj@canolacouncil.org
