The agreement-in-principle with the European Union—announced by Prime Minister Stephen Harper and European Commission President José Manuel Barroso last October—is a historic win for Canada. It will generate substantial gains across all key economic sectors, covering every region of Canada.
Quick Facts:
- The EU is the world’s largest integrated economy, with more than 500 million consumers and an annual GDP of $17 trillion.
- The EU is Canada’s second-largest trading partner after the United States.
- In 2012, Canada exported $55.5-billion worth of goods and services to the EU.
- Canada will be one of the few developed countries to have preferential access to the world’s two largest markets: the European Union and the United States.
- Out of more than 9,000 EU tariff lines, approximately 98 percent will be duty-free for Canadian goods when the Canada-EU trade pact comes into force.
Source international.gc.ca
