Economy

Early Criticism of Canada's New Trade Deal With the EU

Plus: The Prime Minister delivers a throne speech friendly to SMEs; millennials more liberal with your travel budget—in this week's Export Wire for Canadian small business

Written by John Lorinc

Canada seals the deal with the EU: After months of delays, the federal government sealed a trade deal with the EU last week that, it says, will create at least 80,000 new jobs for Canadians and open up new markets for Canadian cheese and pork producers, car-makers and professional services. But news of the agreement drew criticism from provincial officials, dairy farmers, domestic wine makers and drug makers, according to a report by the Canadian Press.

“Supporters of the agreement, which still has not been finalized or put into legal language, warned the overall benefits to the wider economy risk being sideswiped by entrenched interests.”

Throne speech friendly to small business: In last Wednesday’s Throne Speech, Prime Minister Stephen Harper pledged that the government would continue to actively pursue trade deals in Asia and the Americas through the Trans-Pacific Partnership, and plans to introduce “a comprehensive new plan” to assist Canadian firms expanding abroad.

The Tories are also pledging to pass legislation that removes one small business regulation for each new one added. The government is further promising to cut red tape at Canada Revenue and help businesses navigate the tax system.

Millennials more liberal with business travel budgets: If you run an export-minded SME and are sending young sales people out on the road, they’ll probably be more liberal with the company’s travel expense budget and complain more frequently than older employees, according to a Harris International survey of 8,535 travellers aged 18 to 30, released last week by Expedia/Egencia.

“Globally, business travelers aged 18-30 more frequently report that they will spend more of their company’s money on high-end meals (42%) than they would their own money compared to those aged 46-65 (26%). Millennials are also fans of room service: 37% would spend more of their company’s money on room service, versus only 21% of 46-65 year-olds.”

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Originally appeared on PROFITguide.com