| Author (Corporate) | European Commission: DG Communication |
|---|---|
| Series Title | Press Release |
| Series Details | IP/13/972 (18.10.13) |
| Publication Date | 18/10/2013 |
| Content Type | News |
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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. |
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| Source Link | Link to Main Source http://europa.eu/rapid/press-release_IP-13-972_en.htm |
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| Subject Categories | Trade |
| Countries / Regions | Canada, Europe |
