Following is a statement from the Deputy Premier George Webster, Minister of Agriculture and Forestry, regarding the agreement in principle on a trade agreement between Canada and the European Union.

"The Government of Prince Edward Island is pleased to hear that an agreement in principle has been reached between Canada and the European Union on a Comprehensive Economic and Trade Agreement (CETA). Prince Edward Island has been an active participant during negotiations between Canada and the European Union.

"The European Union is already Prince Edward Island's second largest trading partner and this arrangement will only strengthen that relationship by eliminating almost all tariffs on products being exported by Prince Edward Island – in particular, we expect to see significant benefits in agriculture, fish and seafood and other sectors of the economy.

"The government of Prince Edward recognizes that this new opportunity may impact the dairy industry and the costs of certain prescription medicines.

"We look forward to working with the federal government to mitigate the potential impact on the dairy industry and in regards to drug costs.

"Our government recognizes the role of supply management in the dairy industry and will continue to support this program.

"I anticipate we will see this open trading relationship set the stage to attract investment into the Province of PEI and encourage further partnerships between the Island and the member states of the European Union."