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Publish Date : 12-Apr-2017

MacDougall Steel Erectors is optimistic about what the new Canada Free Trade Agreement will mean for the company.

The agreement (CFTA) promises to benefit MacDougall Steel which although based in the Borden-Carleton area does much of its business off Island, especially in Alberta. Economic Development and Tourism Minister Heath MacDonald was in Toronto today for the announcement of the CTFA, which comes into effect on July 1.

We worked closely with the province during negotiations to ensure that the new CFTA would improve our foothold in the Alberta market, which is critical for our company, MacDougall Steel Chief Financial Officer Kirk MacKinnon said. It is very important that we have the same opportunities to compete for large public sector infrastructure contracts in Alberta and be on an equal footing with other companies.

We applaud the efforts of our provincial government in the negotiations to ensure our company and other PEI suppliers compete on a level playing field, MacKinnon said.

The agreement makes improvements to the Canadian market that will create new opportunities for businesses to innovate and grow at home while helping them compete internationally. This is especially critical for a trading province like Prince Edward Island.

As a province that relies heavily on trade both domestically and internationally, it is critical that our companies have the ability to move their goods, services, and people around the country without restrictions, Premier Wade MacLauchlan said. We worked very hard through these negotiations to ensure Island companies have the same ability to compete, and are considered on a level playing field with other companies both domestically and internationally. I am happy to say we were successful on both fronts.

Domestic trade accounts for nearly two-thirds of overall trade for Prince Edward Island, and nearly three-quarters of its gross domestic product. The majority of this trade occurs in Ontario, Quebec and the other Atlantic provinces, but the new agreement will open up new opportunities in other provinces.

This agreement will open up a wealth of new opportunities for Island companies and entrepreneurs, Minister MacDonald said. Its also very timely; the Canada European Union Trade Agreement is now coming into force and it extends certain privileges to European companies. Under CFTA those privileges are extended to all Canadian companies as well, so they are not at a competitive disadvantage.

Specifically, CFTA will: reduce barriers to trade, investment, and worker mobility; increase choice for consumers; expand access to government contracts; and create more jobs for Canadians.

It includes rules that open trade in goods and services, processes that reduce differences in regulations and standards, and provisions that increase access to billions of dollars in government procurement opportunities for Canadian businesses. The agreement also establishes new processes to liberalize domestic trade in areas such as alcoholic beverages and financial services.

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