EU-Canada trade negotiations
The negotiations for a Comprehensive Economic and Trade Agreement concluded among others, that: most, if not all industrial, agricultural and fisheries duties will be eliminated when the agreement enters into force; the EU and Canada will foster closer contacts in the field of technical regulations;
Canada will recognise a list of EU car standards, from which EU car exports to Canada will benefit;
EU companies will have better access to key Canadian sectors such as financial services, telecommunications, energy and maritime transport; and many more issues
As a strong supporter of free trade, Canada has always been a natural ally and important trade partner for the EU. Strengthening the economic and trade relationship with Canada is therefore an important priority.
In October 2013, EU and Canada reached an agreement on the key elements of the Comprehensive economic and Trade Agreement (CETA). 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 CETA negotiations were launched in 2009. The EU-Canada Joint Study of October 2008 showed that both the EU and Canada can expect to gain from a closer bilateral trade relationship. A future agreement would contribute to economic growth and the creation of jobs. It would have several benefits, in particular:
The economic model of the Joint Study predicts annual real income gains of approximately €11.6 billion for the EU and €8.2 billion for Canada within seven years following the implementation of an agreement.
Total EU exports to Canada are estimated to go up by 24.3% or €17 billion, while Canadian bilateral exports to the EU are predicted to increase by 20.6% or €8.6 billion.
50% of the total expected gains for the EU are related to trade in services, 25% to the removal of tariffs and the remaining 25% of the GDP gains can be