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EU-Canada Trade: Europe’s answer to Trump’s trade policy - Bloomberg

The European Parliament was on the wires, via Bloomberg, as it approved a landmark free-trade agreement with Canada, shoring up Europe’s market-opening clout in the face of a booming populist across the continent and roaring Trump’s protectionist tilt.

Key Highlights:

•"This is Europe’s answer to Trump’s trade policy,” said Manfred Weber, German head of the Christian Democrats in the 28-nation assembly.

•The agreement with Canada has become a test case for the EU’s political credibility and commercial heft since Britain voted to leave the bloc.

•The deal, known as the Comprehensive Economic and Trade Agreement, is slated to end 98 percent of tariffs on goods from the outset and 99 percent after seven years (each side plans to dismantle all industrial tariffs and more than 90 percent of agricultural duties).

•The EU says CETA, which took five years to negotiate, would boost the bloc’s economic output by around 12 billion euros ($13 billion) a year and expand two-way trade by about a quarter.

•The EU is Canada’s No. 2 trade partner after the U.S., and Canada is the EU’s 12th-biggest, according to the European Commission.

Author

Jose Ricaurte Jaen

Jose Ricaurte Jaen

Analista independiente

Born in Colón (Panamá). Over the last years, he has been designing currency algorithms for the retail industry.

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