Representatives from Prince Edward Island arrived in Reykjavik, Iceland, today as part of a Team Canada trade mission, along with the provinces of Nova Scotia, New Brunswick, Newfoundland, Manitoba and Quebec. On the trade mission, Canada plans to sign a free trade agreement with the European Free Trade Association (EFTA), which will allow Canadian products and services entry into the EFTA market without tariffs.
The four EFTA member countries include Switzerland, Liechtenstein, Norway and Iceland. By signing the agreement, Canada is looking to increase trade and investment between Canadian businesses and businesses associated with the EFTA and to establish new business partnerships with Icelandic companies.
Don MacKinnon, Minister of Development, noted that the Icelandic market is attractive to Canadian businesses because of the similarities in their economies and the linkage EFTA provides to the European Union.
"This mission to Reykjavik represents an exciting and unique opportunity for the members of the team," said Minister MacKinnon. "The signing of the free trade agreement will not only allow PEI companies entrance to the EFTA, it also means easier access to the European Union (EU) which has its own agreement with the EFTA."
The PEI contingent is the largest group from Canada going to Iceland, with 20 Island delegates representing the Province of PEI. PEI businesses and educational institutions on the trade mission include OvaTech, Masseau Refrigeration, Polar Foods International, F.B. Welding, Atlantic Canada Homes, the Atlantic Veterinary College, the Culinary Institute of Canada, the Atlantic Tourism and Hospitality Institute, UPEI Faculty of Education, Eastern Food Safety Consulting, Enterprise PEI and the provincial Department of Technology and Environment.
The seven-day trade mission to Iceland was created specifically for Canadian companies that have the potential to develop an export trade component to their businesses. Minister MacKinnon noted that in the new global economy, it is essential for PEI companies to recognize and take advantage of growing international opportunities to remain competitive in markets around the world.