Canada To Close On Free Trade Agreement With Europe

12 March 2012 - Which Way to Pay

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Canada To Close On Free Trade Agreement With Europe

Canada looks set to close a free trade agreement with the European Union that could generate $12 billion for the economy and create up to 80,000 jobs. The Canada-Europe Free Trade Association Agreement (CEFTA) is expected to be completed by the end of this year. However, politicians are worried that the agreement will limit Canada’s ability to purchase locally, or demand a local component in procurement contracts once a deal is signed.

Canada’s High Commissioner to the UK, in an interview last night, has defended the deal saying it is necessary for the Canadian economy to grow. Gordon Campbell, who was also the former premier of British Columbia, said, “We’ve got some very intense negotiations going on, but I think by the end of the year we will have a deal ready for consideration.” Campbell added, “Europe is an enormous market place for us. It’s a $17 trillion economy and, candidly, if Canada can successfully conclude the CEFTA trade agreement, we will be the only country in the world with that has deals with both United States and Europe.”

Securing more deals with faster-growing economies of Asia is also important and Canada has been making “aggressive moves” into those markets, Campbell said. He concluded that Canada is looking to have an agreement with India by 2013.


 

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