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

21.10.2013



On Friday, October 18th, 2013, Canada and the European Union (EU) 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 a Comprehensive Economic and Trade Agreement (CETA) after months of intense negotiations. Barroso praised the agreement as "highly ambitious" and of "great importance" for the economy of the European Union. "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 explained 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 European Union and a country of the G8. The EU-Canada agreement is expected to remove most tariffs between the two economies and create sizeable new market access opportunities in services and investment. The negotiators will now be able to continue the process and settle all the remaining technical issues. Before being enforced the agreement will need to be approved by all national parliaments involved.

Interview of German Embassador Werner Wnendt with CBC