EU, Canada Sign 'Historic' Free Trade Agreement

Prime Minister of Canada Stephen Harper (L) and European Commission President Jose Manuel Barroso (R) during the signing of a free trade agreement between the European Union and Canada at the EU Commission headquarters in Brussels, 18 October 201

The EU and Canada have reached a free trade agreement, which had been in the process of negotiations since 2009.

The FTA is expected to boost trade between the EU and Canada by 20%, said European Commission President Jose Manuel Barroso and Canadian PM Stephen Harper.

The agreement will eliminate up to 98% of tariffs, encourage foreign investment, and promote movement of labor, writes The Globe and Mail.

PM Harper called Friday's signed agreement "historic", while Barroso claimed "it opens a new page in relations between Canada and the EU".

EU data suggests that the union's annual GDP may grow by up to EUR 12 B as a result of the agreement.

The 4-year negotiations between the EU and Canada were strenuous, but concluded with compromises from both sides.

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