http://www.cnbc.com/2016/10/30/eu-canada-sign-free-trade-deal-but-battle-not-over.html
Sunday, October 30, 2016
EU, Canada sign free trade deal but battle is not over
The European Union and Canada has signed a free trade agreement this Sunday which aims to create more jobs and growth, although it still needs to clear regional parliaments in Europe to become fully enforced. The deal will eliminate tariffs on almost 99 percent of goods. The beneficiaries would include, for example, car makers or the EU textile sector, for which Canadian duties of up to 18 percent can be imposed at present. Supporters say that the deal will increase Canadian and EU trade by 20 percent and boost the EU economy by 12 billion euros ($13 billion) a year and Canada's by $9 billion.
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This article mentions that they will be setting standards which will determine globalization in the coming years with the new trade deal. An article I read from the beginning of this month talked about how globalization is hitting a wall and how the forecast for growth in global trade decreased. A lot of benefits of the trade agreement are mentioned in the article but like it also mentions, it still has to clear 40 national and regional parliaments. It will be interesting to see what happens with that and the impact it has.
ReplyDeleteI am curious as to how this would effect the countries outside of the EU and Canada. The article does well on explaining how this will create better employment opportunities for those countries, and Canada becoming less reliant on the US. I wonder how reduced exports will effect the US GDP.
ReplyDeleteIt would be interesting to see how this agreement will turn out to be and whether the expected trade benefits will actually help to boost the economies.
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