Want to do Business in the EU? This Website may Help
HALIFAX –The pending Canada-EU Comprehensive Economic and Trade Agreement (CETA) is stimulating increased interest in doing business in the European Union.
However, for many businesses in Atlantic Canada, the idea of breaking into that huge market is a daunting one. The Atlantic Province’s Economic Council (APEC) hopes to make it a little bit easier. [mks_pullquote align=”right” width=”250″ margin=”0px 0px 5px 10px” size=”13″ bg_color=”#b7b7b7″ txt_color=”#000000″]
EU Quick Facts:
- The EU consists of 28 member countries with 24 official languages and nine national currencies in addition to the Euro.
- The EU accounts for about 20 per cent of global GDP
- Atlantic Canada exported nearly $5 billion worth of goods to the EU in 2014, led by crude oil ($2.5 billion), iron ore ($820 million), refined petroleum ($400 million) and seafood ($390 million).
- The EU accounted for 8.1% of Atlantic manufacturing exports (excluding refined petroleum) in 2014 and 30% of its non-manufacturing exports.
- With 500 million potential customers, the EU is 10 times bigger than the Canadian economy and significantly larger than the US economy, the Atlantic Canadian target market of choice.
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Aiming to make this process a little less petrifying, APEC has created a website that features over 12 months of EU trade research. It includes an analysis of Atlantic Canada’s manufacturing capacity, an overview of the European Union with key features business leaders need to understand and a look at the opportunities in 11 specific sectors.
“It’s a complex and diverse market,” said David Chaundy, senior economist with APEC. “Atlantic exporters will need to understand some of the business nuances and develop a strategy that makes sense for both the European customer and their own business.”
The website also features a downloadable business brochure that serves as a user-friendly guide to succeeding in the EU.
“The strategies that are outlined have been proven effective as they were gathered from Atlantic Canadian companies like Acadian Seaplants that are already active in the market,” said Chaundy.
You can check out APEC’s website here.