The Canada-European Union Comprehensive Economic Trade Agreement, known as CETA, is another step closer to reality, and according to International Trade Minister, Chrystia Freeland, could be ratified by the end of this year and in force by 2017.
The agreement will remove 98 per cent of EU tariffs on a broad range of Canadian products.
The legal review of the english text of the deal, however, revealed some issues. Freeland addressed this today in Ottawa, saying “There have been some modifications to the investment chapter to reflect the shared intent of Canada and the EU to strengthen our provisions on the right to regulate”.
Catherine McKenna, minister for the environment and climate change accompanied Freeland today and sang the praises of the deal as “a green trade deal”.
“CETA stands to remove trade barriers, widely expand free trade between Canada and the European Union and increase opportunity for the middle class at a time when we need to foster innovation and create good jobs as we move to a low-carbon economy.” McKenna said.
These developments come before a meeting of Canada’s premiers with Prime Minister Justin Trudeau later this week in Vancouver, to establish a new climate plan for the country.