Complete Text Reached for Canada-EU Free Trade Agreement

August 6, 2014

 

Complete Text Reached for Canada-EU Free Trade Agreement

 

Owen Sound, ON – Recently, the Federal Government announced that Canada and the European Union have finalized the complete text of the Comprehensive Economic and Trade Agreement (CETA). Larry Miller, MP for Bruce-Grey-Owen Sound, is pleased to see that the full text has been agreed upon and that the agreement will now move to translation and final legal review.

 

Last October, Canada, with the unanimous endorsement of all provinces and territories, reached a historic Agreement-in-Principle on a free trade agreement with the European Union. The EU is the world’s largest integrated economy, with more than 500 million consumers and a GDP of $17 trillion. Once the agreement is ratified, Canadian goods will by-pass 98% of the more than 9,000 EU tariff lines that currently hinder Canadian goods being sold in the EU.

 

“I am very pleased to see that a complete text of the CETA with the European Union has been reached and that we are one step closer to finalizing the deal,” said Miller. “This agreement will have benefits for many sectors of the economy including agriculture and manufacturing. Canadian companies will have a serious advantage over competitors once this agreement is in place.”

 

A joint study concluded that the trade agreement with the European Union would be of significant benefit to Canada, resulting in a 20-percent boost in bilateral trade and a $12-billion increase in Canada’s annual income (GDP), the equivalent of creating almost 80,000 new jobs or increasing the average Canadian household’s annual income by $1,000.

 

For more information on the CETA with the European Union please visit; http://www.actionplan.gc.ca/en/page/ceta-aecg/benefits.

 

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