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EU, Canada Sign 'Historic' Free Trade Agreement
World | October 18, 2013, Friday // 16:45
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Prime Minister of Canada Stephen Harper (L) and European Commission President Jose Manuel Barroso (R) during the signing of a free trade agreement between the European Union and Canada at the EU Commission headquarters in Brussels, 18 October 201
The EU and Canada have reached a free trade agreement, which had been in the process of negotiations since 2009.
The FTA is expected to boost trade between the EU and Canada by 20%, said European Commission President Jose Manuel Barroso and Canadian PM Stephen Harper.
The agreement will eliminate up to 98% of tariffs, encourage foreign investment, and promote movement of labor, writes The Globe and Mail.
PM Harper called Friday's signed agreement "historic", while Barroso claimed "it opens a new page in relations between Canada and the EU".
EU data suggests that the union's annual GDP may grow by up to EUR 12 B as a result of the agreement.
The 4-year negotiations between the EU and Canada were strenuous, but concluded with compromises from both sides.
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