Categories: BusinessFront Page

EU and Canada agree free trade deal in Brussels

The European Union (EU) and Canada have struck a free trade agreement aimed at boosting growth and employment.

The deal will lower tariffs, streamline regulation, and cut red tape.

European Commission President Jose Manuel Barroso and Canadian PM Stephen Harper agreed the deal at a meeting in Brussels on Friday.

Jose Manuel Barroso said they had reached a “breakthrough in negotiations” to achieve “a great agreement for both the European Union and Canada”.

The deal still requires approval by parliaments and EU member states.

European Commission President Jose Manuel Barroso and Canadian PM Stephen Harper agreed the deal at a meeting in Brussels

Once approved, the agreement aims to make it easier for companies in Canada and the 28-member EU bloc to invest in and sell to each other.

The EU is Canada’s second-largest trading partner behind the US.

Stephen Harper said the agreement was “the biggest (trade) deal our country has ever made”. It will give Canada access to a market of some 500 million people in the EU, making it bigger even than the country’s North American Free Trade Agreement signed with the US and Mexico.

The European Commission expects the deal to increase bilateral trade in goods and services by a fifth to 25.7 billion euros ($35 billion) a year.

The EU is negotiating trade pacts with more than 80 countries on behalf of the bloc’s members following the collapse of the Doha global trade talks.

mP3_aDXwF_c
Clyde K. Valle

Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.

Recent Posts

Spain: At Least 158 Killed In The Country’s Worst Flooding Disaster

At least 158 people have died in Spain's worst flooding disaster in generations. On October…

2 days ago

Russia Fines Google $20,000,000,000,000,000,000,000,000,000,000,000, Surpassing Global GDP

Google has been fined two undecillion (a two followed by 36 zeroes) roubles by a…

2 days ago

Financing Your Home Remodel: 7 Tips for Success

Embarking on a home remodel is an exciting journey, promising enhanced comfort, increased property value,…

2 weeks ago

Donald Trump Serves Up McDonald’s Fries While Kamala Harris Celebrates 60th Birthday with Church Choir

The US presidential candidates continued to campaign across key swing states on October 20. Footage…

2 weeks ago

America PAC: Elon Musk Promises to Award $1M Each Day to Swing States Voters

Elon Musk has said he will give away $1 million a day to a registered…

2 weeks ago

Canada Expels 6 Indian Diplomats Amid Khalistan Row

India and Canada have decided to expel their top envoys along with other diplomats as…

3 weeks ago