EU-Canada agree deal to boost trade and investment

September 29, 2014 1:36 PM

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EU-Canada agree deal to boost trade and investment

The EU-Canada summit took place in Ottawa on 26th September marking the end of the 5-year talks for a Comprehensive Economic and Trade Agreement (CETA). Canada is one of the most advanced non-European countries with which the EU has ever negotiated a trade agreement. The EU has much to gain from closer trade ties with a like-minded partner: Canada is a sizeable market, an important destination for European investment and a country rich in natural resources. Also, this agreement will allow EU companies to compete with US exporterson the Canadian market on a level playing field, as the US and Canada have already liberalised their trade under the North American Free Trade Agreement (NAFTA). Once implemented, the agreement is expected to increase EU-Canada trade in goods and services by 23% and boost EU GDP by about €12 billion a year. It will create major opportunities across all areas of the economy.

The Prime Minister of Canada and the Presidents of the European Council and the European Commission issued a joint statement on 26th September saying that Friday was a historic moment in the evolution of the Canada-EU relationship as the two sides celebrated the end of negotiations of the Canada-EU ...

Also read: Brexit Bulletin: Brexit Back in the Dock

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