Edition 1475
19 May 2018
Edition: 1475

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Portugal sets its sights on Canada and plies for more exports and tourists

in News · 03-05-2018 14:01:00 · 0 Comments

The Portuguese government has said it wants to boost exports to Canada, as well as attract more Canadian tourists to Portugal, and believes the CETA free trade deal between the EU and Canada could be pivotal in reaching its goals.

Portugal sets its sights on Canada and plies for more exports and tourists

These are two of the economic goals that Portuguese Prime Minister António Costa highlighted on a four-day trip to Canada, which took place between Wednesday and Saturday, passing through Ottawa, Toronto and Montreal.
A Spokesperson for the PM told Lusa News Agency that the free trade agreement between the European Union and Canada, CETA, is expected to “unlock the main constraints facing national exporting companies, especially within the fish canning industry, cheese, wine, machinery and appliances.”
“This year we will increase national exports to Canada and identify new opportunities in terms of economy, investment and tourism”, he added.
Regarding Canada, as with some other countries outside the European framework, one of the objectives is to present Portugal as an alternative investment option to the UK, after it leaves the EU.
As well as attracting more Canadian investment in Portugal, António Costa’s office believes there is a “wide margin” to attract more tourists from Canada.
According to indications from the Bank of Portugal, revenue from Canadian tourism in Portugal is accelerating, having risen from 140.8 million euros in 2013, to 274.4 million euros last year.
Data from the Portuguese Agency for Investment and Foreign Trade (AICEP) showed that the trade balance between Portugal and Canada is traditionally favourable to Portugal, with exports reaching 295.7 million euros in 2017, while imports stood at €203.7 million.
Canada is Portugal’s 22nd biggest customer and it is its 35th largest supplier, whereas comparatively, the United States is Portugal’s 56th biggest customer and 54th supplier.
Regarding the main national exports to the Canadian market, food, common metals, textiles and footwear make up more than 50 percent of the total.
Wine leads national exports to Canada, representing about 44 percent of the total, followed by footwear, ropes and cables.
In the other direction, last year, Portugal mainly imported agricultural products, vehicles and transport equipment from Canada, as well as machinery, chemicals, plastics and rubber.

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Edition 1475
19 May 2018
Edition: 1475

Read this week's issue online exactly as it appears in print.

Twitter

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