The government of Canada has launched a public consultation into the pros and cons of the proposed free trade agreement with the European Union.
The foreign affairs and international trade department says that the initiative is aimed at soliciting the views of “Canadian stakeholders with an interest in the EU market” in order to ensure that “Canadian priorities are taken into account during the negotiations.”
This initial consultation will close on June 30, 2009, but the government intends to continue consulting with businesses and the public throughout the negotiations, which were formally launched at the EU-Canada summit in Prague earlier this month. These consultations will focus on a number of issues that are subject to negotiation, specifically those pertaining to access for goods (including tariff and non-tariff barriers), rules of origin, technical barriers to trade, intellectual property, cross-border trade in services, investment and government procurement.
With a market of nearly 500 million consumers, the EU is Canada’s second largest trade and investment partner. A recent joint study into the benefits of a free trade deal estimates that trade liberalization between Canada and the EU could lead to a CAD12bn (USD10.75bn) boost in Canada’s annual gross domestic product, and increase bilateral trade by over 20%.
“A bilateral trade agreement with the EU will help to protect and advance Canada’s future prosperity, by generating new investment and export opportunities through improved access to the European marketplace,” the trade department stated.
In March, International Trade Minister Stockwell Day announced the launch of a consultation on proposals to develop a comprehensive economic agreement with India. The initiative came on the back of a successful trade mission by Day to India in January, during which both sides agreed in principle that discussions toward an "enhanced economic partnership" should be initiated. That same month, Day signed an agreement on economic cooperation, trade and investment with Sultan Saeed Nasser Al Mansouri, the Minister of Economy for the United Arab Emirates.
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