However, the trade deal, known as the Comprehensive Economic and Trade Agreement, still must be approved by nearly 40 regional and national parliaments in Europe before it can be implemented.
At a time when the United States seems to be pulling back from free trade agreements, leaders of Canada and the European Union signed a major trade deal over the weekend that will eliminate virtually all tariffs on goods traded between them and open new markets for businesses in both regions.
Some estimates say the free trade agreement will boost Canada’s economy by $12 billion Canadian (U.S. $8.96 billion).
“The signing of the Comprehensive Economic and Trade Agreement (CETA) is a historic occasion. This modern and progressive agreement will reinforce the strong links between Canada and the EU, and create vast new opportunities for Canadians and Europeans alike – opening new markets for our exporters, offering more choices and better prices to consumers, and forging stronger ties between our economies,” Canadian Prime Minister Justin Trudeau said. “CETA will offer significant benefits for most sectors of the Canadian economy, from fishermen in Newfoundland and Labrador, to aerospace workers in Quebec, and from people assembling automobiles in Ontario, to forest industry workers in British Columbia to miners in the Northwest Territories.”
The Port of Halifax issued a statement saying CETA offers export-growth opportunities, with containerized and non-containerized project cargo from Nova Scotia and Atlantic Canadian to Europe.
The European market accounts for 38 percent of total containerized throughput at Halifax.
Whether the agreement is implemented remains uncertain because it requires approval of almost 40 national and regional parliaments in Europe, according to Clifford Sosnow, a partner at the Fasken Martineau law firm. He previously served as senior counsel with the trade law division of the Canadian Department of Foreign Affairs and International Trade.
Canada, EU sign major trade deal
