EU, Canada Sign 'Historic' Free Trade Agreement

World | October 18, 2013, Friday // 16:45
Bulgaria: EU, Canada Sign 'Historic' Free Trade Agreement 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.

World » Be a reporter: Write and send your article
Tags: Jose Manuel, Barroso, Stephen, Harper, EU, canada, FTA, free trade agreement, GDP, European Commission, European Commission

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria