Canada's Minister of International Trade has reiterated the government's commitment to the conclusion of a successful trade agreement with the European Union (EU).

Ed Fast's comments were made as he concluded a four-day trade and investment visit to the UK, where he met with members of the UK government to discuss trade relations. Over the course of the meetings, both sides reiterated a shared commitment to securing a successful conclusion to the Canada-EU Comprehensive Economic and Trade Agreement.

According to Fast, it was agreed that the best way to deepen trade and investment relationships is to complete these negotiations. “Such an agreement will take the Canada-EU trade and investment relationship to the next level and bring jobs, growth and long-term prosperity to hard-working people in both Canada and the EU,” Fast explained.

Two-way merchandise trade between Canada and the UK reached CAD29.1bn in 2011, representing a 7.5% increase over 2010. This makes the UK Canada’s largest trading partner in the EU. Trade with the EU as a whole was worth EUR92.1bn last year. It is anticipated that a trade agreement could boost trade by 20%. The Canadian economy could benefit to the tune of CAD12bn annually.

In April, it was announced that negotiations are now entering their final stages. The remaining issues are being "actively explored", and it is hoped that negotiations will be completed by the end of the year.

August 13, 2012

Source: Tax News

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