A free trade agreement between the European Union and Canada has been hailed as “a glimmer of light in the darkness of this global recession and an important message against protectionism around the globe.”
Currently, trade between Canada and the EU is worth an estimated €70 billion, and the new agreement is set to bring in a further €20 billion for the two sides within seven years of its implementation.
Furthermore, the Council of the European Union has stated its intention to work towards the implementation of visa-free travel to Canada for all EU citizens.
According to an EU press release, the new agreement will focus on the “liberalisation of trade in goods and services between the EU and Canada, enhanced market access, investment provisions and improved rules on trade-related issues.”
The media release continues: “By launching negotiations, we are sending a clear signal that the EU and Canada reject protectionism in this time of economic and financial crisis.”
Scientific research is also a priority of the agreement, with both sides pledging to “develop specific initiatives in priority areas such as Energy and Environment research, closely liaising with the existing High Level Dialogues on these topics.”
In addition to research, trade and migration, the EU-Canada agreement will also focus on addressing climate change and reducing carbon omissions, and both participants have stated their intent to ensure that the United Nations remains the international forum for cooperation on peace and security, and both lay a clear emphasis on the strengthening of international law.
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