On October 18,2013, the European Union (EU) and Canada reached a Comprehensive Economic and Trade Agreement (CETA), which will remove approximately 99% of all tariff lines between the two partners and is aimed to boost trade relations and job creation in both economies.
According to a press release issued by the European Commission, "The agreement is expected to increase two-way bilateral trade in goods and services by 23% or €26 billion ($35.61 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 ($16.43 billion)."
In addition to removing most tariffs, the CETA will also improve the trade for:
- Particular Financial Services
- Telecommunications
- Energy and Transport
- The Pharmaceutical sector- Intellectual property regulations will be revised for Canada
- Canadian Exporters of Agricultural Products
The agreement will be finalized once all technical issues have been settled.
The press release by the European Union can be accessed here
