In a recent conversation, Canadian Prime Minister Mark Carney and European Commission President Ursula von der Leyen discussed strengthening economic security and trade cooperation between Canada and the EU.
Discussion on Economic Cooperation
During the call, they discussed the possibility of deepening their free trade partnership and collaborating on shared defense and security challenges. Carney emphasized the importance of working together to build a stronger future.
Impact of CETA
The Comprehensive Economic and Trade Agreement (CETA), which has been in effect since September 2017, is the cornerstone of trade relations between Canada and the EU, eliminating 98% of tariffs and facilitating trade significantly. However, it has yet to be fully ratified by several EU nations, including Belgium and Bulgaria.
Future of Canada-EU Relations
According to Canada’s Minister of Export Promotion Mary Ng, there is a need to explore additional ways to support Canadian businesses in entering the European market. She emphasizes the importance of forming strategic alliances and focusing on small businesses.
The strengthening of economic cooperation between Canada and the EU could lead to significant mutual benefits, creating jobs and ensuring sustainable development.
