EU and Canada conclude negotiations on trade deal
EU News 441/2013
Brussels, 18 October 2013
Commission President José Manuel Barroso and Canadian Prime Minister Stephen Harper have today reached a political agreement on the key elements of a Comprehensive Economic and Trade Agreement (CETA) after months of intense negotiations between EU Trade Commissioner De Gucht and Canadian trade Minister Ed Fast. It will be the first free trade agreement between the European Union and a G8 country. Boosting our trade relations with Canada will generate new opportunities for growth and the creation of jobs in the EU. On the basis of this political breakthrough, the negotiators will now be able to continue the process and settle all the remaining technical issues. Subsequently, the agreement will need to be approved by Council and Parliament.
The EU-Canada agreement will remove over 99% of tariffs between the two economies and create sizeable new market access opportunities in services and investment. In the area of government procurement, Canada has not only taken commitments at the federal level, but has also opened its sub-federal level to European bidders to an extent never done before, thereby creating unique new opportunities. Amongst the many benefits, the agreement will also improve the protection of intellectual property rights in Canada as well as the protection of the names of our flagship agricultural products. Once implemented, the agreement is expected to increase two-way bilateral trade in goods and services by 23% or €26 billion, fostering growth and employment on both sides of the Atlantic. The overall benefits of the agreement are expected to raise the level of the EU’s annual GDP by approximately €12 billion a year.
Source and additional information:
Signing ceremony of a Free Trade Agreement (FTA) between Canada and the EU by Stephen Harper, on the left, and José Manuel Barroso Date: 18/10/2013 Reference: P-024183/00-34 Location: Brussels - EC/Berlaymont (C)EU, 2013 URL