The UK is hoping for a swift conclusion to negotiations for a free trade agreement (FTA) between the EU and Canada, as this could be of considerable benefit to UK companies. The EU is Canada’s second largest trading partner after the US, based on 2011 figures. Transactions with the EU represent 10.4% of Canada’s external trade. Canada is the EU’s twelfth largest trading partner accounting for 1.8% of the EU’s total external trade.
The parties are still negotiating to reach a final text of the Comprehensive Economic and Trade Agreement (CETA). The terms are expected to include the liberalization of EU treatment of tariffs on non-agricultural products and increased quotas for some food products. The agreement will increase Canada’s access to EU procurement and services markets. The agreement will also involve information sharing in respect of trade and investment strategies and efforts to increase trade through business networking events and trade missions.
