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CCCA_V6No2_BusinessInEU-FIN_CCCA_V6No2_BusinessInEU 5/24/12 12:06 AM Page 30 Feature There’s rich rewards for doing business in the world’s largest economy — if you can keep on top of the regulations. F or in-house counsel who help their busi- EU blues much of a challenge, as the European Union. nesses manage expansion beyond Canada, few markets are as rewarding, or present as Consider this: the EU is the largest econ- omy in the world: its 27 nations generated a combined gross domestic product of about $18-trillion (U.S.) in 2011; the 501 million By Pablo Fuchs inhabitants include a formidable middle class made up of some of the wealthiest people on the planet. As an integrated block, the EU is Canada’s second-largest trading part- ner in goods and services, next to the United States.And business activity between Canada and the EU is set to accelerate under the Comprehensive Economic and Trade Agreement (CETA). Negotiations on the wide-ranging free-trade agreement are expected to conclude later this year. “The opportunities in Europe are enor- mous. It’s one of the largest markets in the world and very sophisticated,” says Celso Boscariol, partner with Watson Goepel Maledy and president of the Italian Chamber of Commerce in Vancouver. “Culturally, it’s one of the easiest markets for Canadians to penetrate and we have natural linkages going back centuries that facilitate entry.” But while opportunities abound, so do risks — especially for companies that don’t understand they can’t operate in the EU like they do in Canada. It’s still a foreign market, even if the cultures and economies seem familiar. The EU’s complicated regulatory structure adds another layer of complexity. Companies must comply with a multitude of Lucien Bouchard EU regulations and local laws governing Former Premier of Quebec Lawyer/Partneruse of everything from the regulation of safe Xxxxxx Xxxxxx chemicals to data protection and uniform VENTURI + KARPA Montreal consumer rights. 30 CCCA Canadian Corporate Counsel Association SUMMER 2012