Canada says EU free-trade talks at "advanced" stage, deal in offing
Wall Street Journal | OCTOBER 6, 2011
Canada says EU free-trade talks at "advanced" stage, deal in offing
– Canada-EU free-trade talks gain momentum
– Chief negotiator says deal attainable by early next year
– Some key areas still require "in depth" discussion
By Paul Vieira
Of DOW JONES NEWSWIRES
OTTAWA (Dow Jones)—Canada’s chief negotiator on a free-trade deal with the European Union said Thursday talks are at an "advanced" stage and there’s no reason an agreement can’t be reached by early next year.
"There is a lot of momentum behind these negotiations," Steve Verheul told Canadian legislators before a parliamentary committee, adding they are in "advanced" stages in terms of the text of the agreement. "We feel we can meet the target of early next year for a deal."
Verheul said there is an offer before the EU on access to Canadian government procurement — a key issue for the European side — while another on investment protection is in the offing.
He acknowledged, though, there are some key areas where the two sides have yet to engage in "in-depth" discussions, most notably on the agriculture side, in terms of trade in dairy, beef and pork. "Our intention is to complete as much as possible," Verheul said, adding negotiators may require some "political direction" on some elements.
Negotiators for Canada and the EU are set to enter another key round of talks later this month in Ottawa.
Canada is presently the EU’s 11th-most important trading partner, accounting for 1.6% of the EU’s total external trade in 2010. Meanwhile, the EU is Canada’s second-most important trading partner, after the U.S., with a 10.5% share of its total external trade.
The value of bilateral trade in goods between the two regions was EUR46.6 billion in 2010. Canadian officials have argued that the liberalization of goods and services could bring a potential 20% boost to bilateral trade and GDP gains of up to C$12 billion (US$11.5 billion) for Canada by 2014.
Earlier this week, Canadian Trade Minister Ed Fast said he received "no indication" from key EU policymakers that interest has "waned" in securing a Canada-EU free trade agreement, even though the continent is grappling with acute financial and fiscal woes.
— By Paul Vieira, Dow Jones Newswires: 613-237-0669; paul.vieira@dowjones.com
