CCCE Chief Applauds Premier Charest’s Canada-European Union Initiative

January 26, 2007

The Canada-European Union relationship has suffered from political neglect on both sides of the Atlantic and valuable opportunities are being lost, says Thomas d’Aquino, Chief Executive and President of the Canadian Council of Chief Executives (CCCE).

Speaking in Davos, Switzerland, where he is attending the annual meeting of the World Economic Forum, Mr. d’Aquino praised Quebec Premier Jean Charest’s call to deepen trade, investment and economic cooperation between Canada and the European Union.

“When German Chancellor Angela Merkel argued here in Davos for closer transatlantic ties, she and Europeans generally had the United States in mind,” Mr. d’Aquino said.  “While her speech was commendable, Canada is largely out of sight and out of mind in high-level transatlantic discourse.  This is particularly disturbing given Canada’s G8 status, its prominence in the North American trade and investment equation, and its plethora of bilateral linkages with Europe — both historical and current.”

In business terms, there is significant transatlantic activity but current levels are far below potential, said Mr. d’Aquino.

China, India and of course the United States are high on the priority list for Canadian CEOs, Mr. d’Aquino said.  Nevertheless, he welcomed Premier Charest’s wake-up call to Canadians and to Europeans alike about the need to strengthen the transatlantic relationship.  “I applaud his vision, courage and tenacity,” he added.

Mr. d’Aquino said that the timing of Premier Charest’s initiative will not conflict with Canada’s commitment to the World Trade Organization’s Doha round.  While the success of the round is by no means assured, what is certain is that Canadians and Europeans alike will profit from closer economic cooperation buttressed by a much more vigorous two-way political commitment.  An effort to forge closer ties between Canada and the European Union could also accelerate the laudable objective of an integrated transatlantic economic space.

Founded in 1976, the CCCE is committed to helping make Canada the best place in the world in which to live, to work, to invest and to grow. Member CEOs of the Council lead companies that collectively administer $3.2 trillion in assets, have annual revenues of more than $750 billion, and are responsible for the vast majority of Canada’s exports, investment, research and development, and training.

In addition to Mr. d’Aquino, the members of the CCCE’s Executive Committee are: Chair, Gordon M. Nixon, President and Chief Executive Officer, Royal Bank of Canada; Honorary Chair Richard L. George, President and Chief Executive Officer of Suncor Energy Inc.; and Vice Chairs Dominic D’Alessandro, Paul Desmarais, Jr., Jacques Lamarre, Hartley T. Richardson and Annette Verschuren, the chief executives respectively of Manulife Financial, Power Corporation of Canada, SNC-Lavalin Group Inc., James Richardson & Sons, Limited and The Home Depot Canada.