Tuesday, January 24, 2017

EU-Canada trade deal moving forward

The free trade deal with the European Union moved another step forward with approval from the trade committee of the European Parliament.

It’s due to come before the full parliament in February.

The deal was signed in October, but needs ratification by the EU’s Parliament. The trade committee backed it by a 25-15 margin with one abstention .

The EU says the Comprehensive Economic and Trade Agreement will remove almost all tariffs and boost trade with Canada by 12 billion Euros ($13.2-billion) a year, creating growth and jobs on both sides of the Atlantic.

It insists the deal won’t prevent governments from moving to protect environmental and social standards if they believe action is needed.

Canadian farmers have mixed reactions to the deal. Dairy farmers will lose a bit of market share. Beef and hog farmers hope to increase sales to Europeans.