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Canada can export more energy to Europe: FinMin

English.news.cn   2014-06-25 06:35:17

LONDON, June 24 (Xinhua) -- Canadian Finance Minister Joe Oliver said here on Tuesday that as a responsible energy supplier in the world, Canada can export more oil and gas across the Atlantic to European countries.

Giving the opening keynote at the Global Borrowers and Investors Forum 2014, Oliver said that Canada cannot immune from the global uncertainties that has emerged since the financial crisis, but the country has the less severe impacts from them, and it has recovered earlier and emerged with better shape than most of the other developed countries.

He said the country's strong natural resources will be continuing contributing Canada's economic growth, which is also underpinned by stable banking system, strong private sectors, tax cuts policy and stimulus measures that supporting jobs creation.

"Canada's energy infrastructure is booming. Hundreds of major natural resources projects, with about 650 billion dollars worth of investment are underway or planned for the next decade," said Oliver.

Canada can ship more oil to Europe with better infrastructure, and "Canada is a reliable and responsible energy supplier, contrast to some of our competitors," he said.

Besides, "every major resource program in Canada benefits every region in Canada," he added.

When asked whether there was a housing bubble in Canada, Oliver answered "no".

"The advice we have received is that we are not in a bubble," he said.

The value of bilateral trade in goods between the European Union (EU) and Canada was 58.8 billion euros (about 80 billion U.S. dollars) in 2013, according data compiled by the European Commission.

Machinery, transport equipment and chemicals dominate the EU's exports of goods to Canada, and also constitute an important part of the EU's imports of goods from Canada.

On Oct. 18, 2013, the EU and Canada reached a political agreement on the key elements of a trade agreement (CETA). The agreement will remove over 99 percent of tariffs between the two economies and create seizable new market access opportunities in services and investment, announced the European Commission on its website.

Oliver will visit London, Berlin, Warsaw from June 23 to June 28, said the Department of Finance of Canada on its website.

Editor: An
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