The trade deal that Canada has established with Europe known as the Comprehensive Economic and Trade Agreement (CETA), has reached a new level in its establishment process as the negotiators have finalized the text of the agreement. The step of finalizing text concretes negotiation and disagreements over issues; some of these issues were pertaining to lawsuit protection, and quotas of imports.
However, due to translation requirements necessary for each European country and further ratification of the agreement, it may not be in force until the next federal election expected in October 2015, but the timeline is still not guaranteed.
Once CETA is implemented, 98% of the tariffs between the partners would drop to zero. Additionally, there are mentions of professional accreditation that will make it easier for people to work in either zone.
The government says that CETA will result in a 20% boost in bilateral trade and an increase of $12 billion in the country’s annual income – which will then result in the creation of 80,000 jobs.
It is also noted that CETA is a great benefit for those companies who believe that sending workers to the EU can be too expensive and overly complicated. These issues include visas, taxation, and work permit requirements that can prolong the possibility of labour mobility among the EU.
The Council of Canadians believe that Premier Steven Harper needs to slow down his celebrations as there is still a long and complicated process to continue on.