Canada, EU Complete Free Trade Agreement Text
Officials have finalized the text of the delayed Comprehensive Economic and Trade Agreement between Canada and the European Union.
An agreement in principle was reached in October 2013, but it has since proven difficult to resolve the remaining technical difficulties and draw up a final legal text.
Canada’s International Trade Minister, Ed Fast, said: “This is another important step toward the implementation of the historic Canada-EU trade agreement, which will create jobs and economic opportunities for hard-working Canadians in every region of the country.”
The agreement is expected to boost bilateral trade in goods and services by 22.9 percent. Total EU exports to Canada are estimated to increase by 24.3 percent, while Canada bilateral exports to the EU should rise by 20.6 percent.
Annual real income gains of approximately EUR11.6bn for the EU and EUR8.2bn for Canada are anticipated within seven years of the CETA’s implementation.
Source: taxnews
