This trade agreement will, according to President Barroso, "provide significant new opportunities for companies in the EU and in Canada by increasing market access for goods and services and providing new opportunities for European investors. It will be the basis for gaining a strong foothold in the North American market and so provide a catalyst for growth and the creation of jobs in Europe."
The agreement will remove over 99 per cent of tariffs between the two economies and create sizeable new market access opportunities in services and investment. Amongst other benefits, it will also improve the protection of intellectual property rights in Canada as well as the protection of the names of our flagship agricultural products. Once implemented, the deal is expected to increase two-way bilateral trade in goods and services by 23 per cent 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.
The EU-Canada agreement will be the first free trade agreement between the European Union and a G8 country.
Full press release
Facts and figures
President Barroso's press statement
Full joint declaration
Full Council results
The EPP Group's Spokesman in the International Trade Committee of the European Parliament, Daniel Caspary MEP, and the European Parliament's Rapporteur on Canada trade, Peter Šťastný MEP, welcomed today's announcement on the EU-Canada Trade Agreement (CETA).
Daniel Caspary MEP said: "This is the breakthrough we have been waiting for. The EU-Canada Trade Agreement will create new opportunities for businesses on both sides of the Atlantic, resulting in a greater choice for consumers as well as lower prices for products on offer. Furthermore, the EU-Canada Trade Agreement is an important bridge towards the TTIP Agreement between the EU and the United States due to the similarities of the issues at stake. The fact that the EU and our Canadian partners managed to find an agreement provides a boost for the upcoming TTIP negotiations, which will include many of the same elements".
EPP press statement
The Socialists and Democrats in the European Parliament equally welcomed the agreement reached today between the EU and Canada. S&D spokesperson on trade, Bernd Lange commented:
"After four years of lengthy and difficult negotiations - particularly on sensitive areas such as agriculture - we finally have a deal which will open up new opportunities for all. There will be increased access for EU companies to the Canadian market, in the area of public procurement, for example. Our demands on intellectual property rights have been included in the agreement. However, we are disappointed in terms of the investor-state dispute settlement mechanism, which we wanted excluded. We will study in detail the chapter on social and environmental standards and still expect a robust human rights clause to be included in the strategic partnership agreement which has not yet been finalised between the EU and Canada".
S&D press statement
See also EU-Canada Free Trade Deal could see £1.3bn annual boost to UK economy © BNE - Business for New Europe
© European Commission
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