The Diplomat
Since the entry into force in 2017 of the Comprehensive Economic and Trade Agreement between the European Union and Canada (CETA), trade flows between Spain and the North American country have increased by 50%, as highlighted at the Spain-Canada Trade and Investment Panel, held this week in Madrid.
The meeting, which took place on the 21st at the Ministry of Industry, Trade and Tourism, was inaugurated by the Secretary of State for Trade, Xiana Méndez, and the Canadian Ambassador, Wendy Drukier. Organised by the Canadian Chamber of Commerce in Spain and ICEX-Invest in Spain, the Panel, which is held every two years, also included the participation of business organisations in Spain, such as CEOE, the Spanish Chamber of Commerce and the Exporters and Investors Club.
In the opening speech, Xiana Méndez and the Ambassador reviewed the general framework of trade relations between the two countries and stressed that they are characterised by shared values, strong economic ties and historical and cultural links.
Both the Ambassador and the Secretary of State also highlighted the growing bilateral trade since the entry into force, in 2017, of the Comprehensive Economic and Trade Agreement between the European Union and Canada (CETA), which has generated a 50% increase in trade flows.
The president of CEOE International, Marta Blanco, opened the subsequent round table, in which she cited the importance of Canada and Spain’s commitment to multilateralism and highlighted the benefits of the CETA agreement, especially the stability it provides to Spanish investments.
As main challenges for both Canadian and Spanish companies, she pointed out issues such as over-regulation, pointing out the convenience of governments having a permanent debate with the private sector; the need to make permits more flexible; and the problems of unfair competition caused by distorting subsidies in international markets. Finally, she highlighted the opportunities for companies in Latin America, where Canada and Spain have a strong presence, and the possibility of operating through alliances between the two countries.
For her part, the Director General of the Spanish Chamber of Commerce, Inmaculada Riera, pointed to public-private collaboration as a fundamental instrument. And the executive director of ICEX-Invest in Spain, Elisa García Grande, reviewed Canadian investments in Spain, while the president of the Exporters and Investors Club, Antonio Bonet, referred to Spanish investments in Canada.
A second round table discussion focused on business experiences. Moderated by the deputy director of ICEX-Invest in Spain, Jesús Rubiera, the participants were, on the one hand, the Canadian company present in the Spanish market OpenText, with its regional director for Spain and Portugal, Jorge Martínez; and, on the other, the head of Energy Management at Enerfín (Elecnor Group), Juan de Miguel Fernández.
The event was closed by the vice-president and general director of the Canadian Chamber of Commerce in Spain, Michael Di Santo, who highlighted the strengths of bilateral relations and the current potential for intensifying trade and investment links between the two countries.
