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EU, Canada FTA Near A Close

by Mike Godfrey, Tax-News.com, Washington

28 November 2012


Canada and the European Union (EU) are to bring their trade talks to a close, aiming for a deal in the coming weeks.

EU Trade Commissioner Karel De Gucht and Canadian Trade Minister Ed Fast met in Brussels at the end of last week as part of the process for concluding negotiations on the EU-Canada Comprehensive Economic and Trade Agreement. Both sides cite substantial progress and will now instruct their negotiators to narrow the gaps on outstanding issues.

Canada is the EU's eleventh most important trading partner, while the EU constitutes Canada’s second-largest trading partner after the US. An economic study jointly released by the EU and Canada in October 2008 projected an increase in two-way bilateral trade by EUR25.7bn (USD20.8bn) were an agreement put in place.

Commenting on the talks, De Gucht said: "I am pleased that our meeting at a political level has provided the momentum needed to spur on the negotiations into the home strait. It's clear that there has been significant progress but some important work remains to be done." He will continue discussions with Fast until an agreement is reached.

TAGS: tax | free trade agreement (FTA) | tariffs | trade treaty | agreements | Canada | trade | European Union (EU) | Europe

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