EU and Canada conclude negotiations on trade deal

Author (Corporate)
Series Title
Series Details IP/13/972 (18.10.13)
Publication Date 18/10/2013
Content Type

Abstract:

Commission President José Manuel Barroso and Canadian Prime Minister Stephen Harper on 18 October 2013 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.

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. 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.

However, EUObserver reported on the 25 October 2013 that Romania has threatened not to ratify the recently signed EU-Canada free trade deal unless Ottawa lifts visa requirements for Romanians.

EurActiv reported on the 11 February 2014 that, according to a leaked ‘investment chapter’ from the Canada-EU free trade agreement, multinationals would have wide-ranging powers to sue EU states that enact health or environmental laws breaching their "legitimate expectations" of profit.

Source Link http://europa.eu/rapid/press-release_IP-13-972_en.htm
Related Links
ESO: Background Information: A Free Trade Agreement between the EU and Canada http://www.europeansources.info/record/a-free-trade-agreement-between-the-eu-and-canada/
European Commission: RAPID: Memo, MEMO/13/911: Facts and figures of the EU-Canada Free Trade deal http://europa.eu/rapid/press-release_MEMO-13-911_en.pdf
European Commission: RAPID: Speech, SPEECH/13/817: Statement by the President of the European Commission, José Manuel Durão Barroso following his meeting with the Prime Minister of Canada, Stephen Harper http://europa.eu/rapid/press-release_SPEECH-13-817_en.pdf
European Commission: RAPID: Memo, MEMO/13/914: Declaration by the President of the European Commission and the Prime Minister of Canada: 'A new era in EU-Canada relations' http://europa.eu/rapid/press-release_MEMO-13-914_en.pdf
EurActiv, 18.10.13: EU, Canada inch forward towards trade deal http://www.euractiv.com/trade/eu-canada-inch-forward-trade-dea-news-531160
BBC News, 18.10.13: Canada and European Union agree free-trade deal http://www.bbc.co.uk/news/business-24583745
Deutsche Welle, 18.10.13: European Union signs free trade agreement with Canada http://dw.de/p/1A28Z
EurActiv, 18.10.13: EU agrees trade pact with Canada, open way for transatlantic market http://www.euractiv.com/trade/eu-agrees-trade-pact-canada-open-news-531187
EUObserver. 18.10.13: EU hails 'landmark' Canada trade deal http://euobserver.com/news/121825
EUObserver, 25.10.13: Romania threatens to block Canada-EU trade deal http://euobserver.com/foreign/121896
EurActiv, 11.02.14: EU-Canada free trade deal ‘opens door to environmental lawsuits’ http://www.euractiv.com/trade/eu-canada-free-trade-deal-opens-news-533400

Subject Categories
Countries / Regions ,