360° Coverage : EU, Canada strike free trade deal

EU, Canada strike free trade deal

Brussels, Oct 19 (IANS) The European Union (EU) and Canada Friday reached an agreement on their free trade deal, aimed at boosting the two sides' economic growth.

Oct 18 2013, 5:36pm CDT | by IANS

Brussels, Oct 19 — The European Union (EU) and Canada Friday reached an agreement on their free trade deal, aimed at boosting the two sides' economic growth.

European Commission President Jose Manuel Barroso and Canadian Prime Minister Stephen Harper reached a political agreement on the key elements of the free trade agreement, the Comprehensive Economic and Trade Agreement (CETA), reported Xinhua citing a European Commission release.

Barroso described the agreement as "highly ambitious" and "great importance" for the EU's economy.

"Canada is one of the most advanced economies in the world. This agreement will 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," Barroso said.

"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," he added.

EU Trade Commissioner Karel De Gucht commented that it has been a real challenge to reach this agreement, and it's a real first when it comes to a comprehensive Free Trade Agreement between two mature economies.

It will be the first free trade agreement between the EU and a G8 country.

According to the EU, the agreement is expected to increase bilateral trade in goods and services by 23 percent, or 26 billion euros (about $35 billion). The overall benefits of the agreement are expected to raise the level of the EU's annual GDP by some 12 billion euros a year.

IANS

Source: IANS

 
 
 

blog comments powered by Disqus

Latest stories

Need for Speed Reboot is Coming This Fall
Need for Speed Reboot is Coming This Fall
EA will release a complete new Need for Speed this fall. The video game giant just released a teaser video and the first Need for Speed Gameplay video will be revealed in June.
 
 
Google Self-Driving Cars to Hit Public Roads this Summer
Google Self-Driving Cars to Hit Public Roads this Summer
Google announced today that Google Car prototype vehicles will leave the test track and hit the familiar roads of Mountain View.
 
 
Google Search Analytics Launched in Web Master Tools
Google Search Analytics Launched in Web Master Tools
Google officially announced the new Search Analytics feature in Webmaster tools.
 
 
T-Mobile Hits Verizon with new 'Never Settle Trial' Campaign
T-Mobile Hits Verizon with new 'Never Settle Trial' Campaign
In case customers don't feel satisfied, T-Mobile will pay for them to shift back to Verizon