Canadian Prime Minister Stephen Harper hailed the Canada-European Union trade agreement as an historic opportunity for Canada even though the deal has yet to be finalized.
Mr. Harper and EU President Jose Manuel Barroso announced the agreement Friday at a joint press conference in Brussels.
“This is a big deal,” Mr. Harper said at a news conference. “Indeed it is the biggest deal our country has ever made. This is a historic win for Canada.”
The Comprehensive Economic and Trade Agreement, CETA, goes far beyond the North American Free Trade Agreement and is designed to eliminate thousands of tariffs, encourage foreign investment and promote movement of labour. Once implemented, 98 per cent of EU and Canadian tariffs will be eliminated immediately. That includes 95 per cent of EU tariffs on agriculture products such as grains, Canola and fruit. Other tariffs and restrictions will be phased out over seven years.
But the text of the deal has yet to be released, mainly because it has to be translated into the EU’s 24 languages. It must also be approved by all 28 EU members as well as Canada’s provinces and territories. That process could take two years.
Read more: Canada, EU unveil 'historic' free-trade agreement - The Globe and Mail
Mr. Harper and EU President Jose Manuel Barroso announced the agreement Friday at a joint press conference in Brussels.
“This is a big deal,” Mr. Harper said at a news conference. “Indeed it is the biggest deal our country has ever made. This is a historic win for Canada.”
The Comprehensive Economic and Trade Agreement, CETA, goes far beyond the North American Free Trade Agreement and is designed to eliminate thousands of tariffs, encourage foreign investment and promote movement of labour. Once implemented, 98 per cent of EU and Canadian tariffs will be eliminated immediately. That includes 95 per cent of EU tariffs on agriculture products such as grains, Canola and fruit. Other tariffs and restrictions will be phased out over seven years.
But the text of the deal has yet to be released, mainly because it has to be translated into the EU’s 24 languages. It must also be approved by all 28 EU members as well as Canada’s provinces and territories. That process could take two years.
Read more: Canada, EU unveil 'historic' free-trade agreement - The Globe and Mail
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