Mr. Speaker, our government believes there is simply no better job creator than free and open trade. In fact Canada's economy proves it, with trade equivalent to over 60% of our GDP and with one in five jobs generated by exports.
Our government understands that helping Canadian businesses expand and succeed abroad directly benefits workers and families by creating jobs and prosperity.
This is more important now than ever. These are challenging, uncertain economic times. Our government has an economic plan to meet these challenges, a plan with deeper trade at its core. We see trade as the new stimulus, an opportunity to create new jobs and prosperity for Canadians.
Our negotiations with the EU are a cornerstone of our plan. The EU is already Canada's second most important trading partner, with two-way merchandise trade reaching $92.1 billion last year.
A successful agreement would give Canadian businesses a serious competitive edge in the single largest market in the world. Tariff elimination would make our exports far more price competitive in the EU market. In fact, a comprehensive agreement with the EU is expected to provide a 20% boost to our bilateral trade and a $12 billion boost to Canada's economy. That is the equivalent of a $1,000 increase to the average Canadian family's income, or 80,000 new jobs.
In sector after sector across the country, Canadians are counting on our government to negotiate an ambitious agreement with the EU and we are not going to let them down.
Canada's economy has thrived with free trade. Millions of jobs have been created since Canada and the United States signed the NAFTA. It has given our businesses and workers the kind of access to the U.S. market that other countries can only dream of. We want to create the same benefits for our workers in the EU market.
Despite these facts, the NDP and professional anti-trade activists continue to resurrect the same old, tired arguments. Canadians know the NDP has consistently opposed our government's efforts to open up new markets for Canadian exporters. Now NDP members are even opposing agreements while they are being negotiated.
The hon. member should not prejudge the outcome of negotiations. That is what negotiations are all about. Our government has said many times before that our government seeks to strike a balance between promoting innovation and job creation while ensuring that Canadians continue to have access to the affordable drugs they need.
I can assure members that we continue to consult with stakeholders and provinces and territories.
We know that Canadians believe in the greater power of free and open trade and the benefits that result. Thanks to our government's ambitious pro-trade plan, we are well under way to unlocking new jobs and opportunities for Canadians across the country.