Canada and EU Reach Preliminary Deal on Free Trade Agreement
Canada and the European Union have agreed in principle on the terms of a free trade agreement between the two countries, they announced on Oct. 18. Although final details remain to be ironed out, the agreement will remove about 98% of tariffs between the two economies when it comes into effect, and it also includes provisions on government procurement and intellectual property rights, said the European Commission (here). The Canadian government touted elimination of EU tariffs on Canadian seafood and agricultural products (here). “This is the biggest, most ambitious trade agreement that Canada has ever reached,” said the statement from the Canadian government. The countries began negotiations in 2009.
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Under the preliminary deal, the free trade agreement would immediately eliminate EU tariffs on all chemicals and plastics, forestry products, metals and mineral products, and information and communications technology products. Most EU tariffs on agricultural and fishery products would be eliminated as well, the Canadian government said. All tariffs on fishery products would be eliminated within seven years.