Ontario Wants Compensation for Deal Fallout

In: Social Issues

Submitted By shhivvy
Words 615
Pages 3
This article regards the massive free trade pact between Europe and Canada which was agreed upon in secret by the Federal Conservatives. This pact allows Canadian companies’ access to 28 European Union countries, however, this negotiation comes with a price. Ontario has three major concerns with this deal. The first concern is the increase of tonnage in European cheeses. This affects manufacturers: Queen’s Park will want full reimbursement for the producers. The next issue concerns the wine producers. The tax based on the value of the product will be replaced by a flat fee that is linked to the volume of the product. For instance, a 750-millilitre bottle of wine costing $100 would be the same as on one costing $10. This revision can damage Canada’s wine industries. The final concern is the possible modification in the health budget. The deal involves a 2 year extension of a pharmacy’s licence of selling medical drugs, which could potentially increase drug costs. Some pharmacists believe there will be an extra $1.2 billion payment on Ontario’s consumers and governments yearly. This deal could also possibly cost 150,000 Canadian jobs. The article demonstrates what we learned in the geography course about value of foreign trade between countries. The value of foreign trade indicates a country’s involvement in world economy. In this article it displays the involvement between Canada and Europe. (P.g. 14, Making Connections Canada’s Geography) This pact affects both Canada’s and Europe’s value of foreign trade. The increase of tonnage of European cheese may increase the value of European foreign trading. Furthermore, an increased amount of companies will trade with Europe because the tax on imports were removed. Due to the raised prices of medicine produced in Canada, this deal also affects Canada’s foreign trade value. It could result in less countries trading with…...

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