October 31, 2013 – Kitchener, ON – The Honourable Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) was at Miovision to make a speech and take a tour of the company. His speech highlighted the benefits that the Comprehensive Economic and Trade Agreement (CETA) offers to Canadian workers and families.
“Our Government is committed to helping our businesses, workers and research organizations to build on the potential that exists within our communities and our regions by increasing productivity, leading to greater economic output, supporting cutting-edge companies driven by innovation and, of course, creating jobs, and bringing growth and long-term prosperity to southern Ontario,” said Minister Goodyear. “These steps will also make Canada an even more attractive destination for investors and manufacturers, which will create jobs and opportunities for all Canadians.”
Miovision stands to benefit from CETA by the immediate elimination of all existing EU tariffs on information communications technology products, including parts for the new product line for improved traffic signal operations. Miovision will also potentially benefit substantially from the increased exposure to the EU government procurement processes and immediate market access to the EU.
“Miovision, as well as many other companies, stand to benefit from CETA through increased trade and business opportunities and the elimination of tariff and non-tariff trade barriers,” said Kurtis McBride, Chief Executive Officer, Miovision Technologies Inc.
The Agreement will provide Canada with preferential market access to the EU’s more than 500 million consumers and to its annual $17 trillion in economic activity. In fact, a joint study conducted with the EU, which supported the launch of negotiations, concluded that an agreement could boost Canada’s income by $12 billion annually and bilateral trade by 20 percent. That’s equivalent to creating almost 80,000 new jobs or increasing the average Canadian family’s annual income by $1,000.
Canadian exports of ICT products to the EU were worth an average of $1.7 billion annually between 2010 and 2012. These exports faced an average tariff of 1 percent, with tariffs rising to as high as 14 percent on certain products. For Miovision, the tariffs range between 4-7% and by eliminating these tariffs, it will help Miovision remain price competitive in the market.
About Miovision Technologies
Based out of Kitchener, Ontario, Miovision is a technology organization that creates intelligent traffic data collection solutions to address challenges facing today’s transportation networks. Miovision also has a European office in Cologne, Germany and boasts customers across 5 continents and in over 45 countries. For additional information about Miovision, visit the company page at miovision.com.
Vice President of Marketing
October 31, 2013
October 31, 2013