Reuters reports that Canada and the European Union have finalised a long-mooted free trade agreement.
The Comprehensive Economic and Trade Agreement (CETA) has been in the works for five years and will remove 98% of tariffs to bilateral trade between Canada and the EU.
The deal would make Canada the world’s only major economy with preferential access to the world’s two largest economies, the EU and the United States. The accord is also meant to be a template for its trade negotiations with the United States.
The 1,500 page manuscript will now be translated into some 23 languages and reviewed by lawyers, before being released to the public. This process could take some months, with the treaty expected to be ratified within two years.
Some estimate that bilateral trade could be boosted by up to 20% and could be worth a combined $20bn to the respective economies.
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