Brussels, 08/05/2014 (Agence Europe) - On Thursday 8 May in Brussels, Commissioner Karel De Gucht acknowledged that persistent disagreements on “three or four thorny questions” relating to the contents of the free-trade agreement reached in principle between the EU and Canada in autumn last year, meant that “more time” was required in the signing and ratification process.
On Thursday, De Gucht informed the Council of the progress made in the negotiations on the technical questions that needed to be resolved in the context of the comprehensive economic and trade agreement with Canada (CETA). Six months after the agreement in principle concluded on the main elements between the president of the Commission, José Manuel Barroso, and the Canadian prime minister, Stephen Harper, on 18 October 2013 (see EUROPE 10946), the CETA has still not been finalised and both sides still need to agree on certain technical and legal aspects (see EUROPE 11069). The commissioner admitted that, “to be frank, the technical discussions proved more difficult than what we expected”, particularly with regard to tariff rate quota administration.
Welcomed as a first step towards implementation of a free transatlantic market, the CETA is expected to increase bilateral trade by 23%, making it worth almost €26 billion. This includes an increase in the EU's GDP of €12 billion per year. (EH)