Canada-EU trade deal may be in danger

Canada-EU trade deal may be in danger

Canada-EU trade deal may be in danger Headlines concerning the Brexit vote may be on the way out, but that doesn’t mean the domino effect has stopped. In an economic commentary piece, Desjardins Senior Economist Benoit Durocher identifies a trade deal between Canada and the EU as another tile that could tumble.

The Comprehensive Economic and Trade Agreement (CETA) was concluded recently, with the official agreement text having been released on July 5. An “ambitious agreement covering trade in goods and services as well as many other aspects of trade between Canada and the EU”, the deal involves 28 EU member countries (including the UK) and the 10 Canadian provinces.

According to Durocher, CETA still has to be individually ratified and implemented by each party to the agreement. This process may be put on the back burner, however, as the UK’s exit from the EU and its immediate effects on their respective countries have become top priority for many EU members.

Representatives from Canada and Europe, however, have reaffirmed their support, with British Minister David Davis stating that CETA “could serve as a model for future negotiations between the United Kingdom and the EU to establish a free trade agreement between the two zones”.

Even if the agreement gets ratified within a few months, however, Durocher questions the benefit it would have on Canadians considering that the UK will eventually be excluded from the pact. The UK accounts for just over 25% of all goods Canada trades with EU members. It is also the runaway leader in exports from Canada to the EU, and holds second place in terms of Canadian imports from the EU.

The senior economist attributes the UK’s leading position to its significant bilateral trade in gold with Canada, mainly due to the London Metal Exchange’s significance in international trade of precious metals.

Durocher acknowledges that some other EU member countries, including Germany, France, and Italy, conduct fairly high bilateral trade with Canada, and CETA could promote new trade opportunities with other Eurozone members. However, the UK’s departure could mean that the benefit Canada would enjoy from CETA would be less than anticipated.

Still, given the well-established trade between the UK and Canada, he foresees that “Canada and the United Kingdom will eventually negotiate a new bilateral trade agreement based on CETA fundamentals”.


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1 Comments
  • David E.H. Smith 2016-07-30 9:11:49 PM

    CETA; Back door for Corporate ‘America’s’ Desperate ‘Extortion’ (TTIP); Join in U.S. Increasing Avaricious $17+ trillion Debts/Plunder to harmless taxpayers, or, Scorched Earth, Global Depression? Harmless U.S. taxpayers wait for the ‘shoe’ to drop as ‘Debts’ comes home to ‘Roost’?

    CETA, et al, base for future changes for Global Corporate Economy; your tax dollars to fund their enterprises & value of shares with No Corp. Liabilities & for their future considerations…

    Is ‘The Submission’ to The Supreme Court of Canada, et al, ‘unnecessarily’ delaying the CETA, TPP, et al?

    * What happened to new Canadian PM Trudeau’s (Corporate Canada East) promise to read, understand, share his understanding of CETA with consultation & questions from the taxpayers? Have Trudeau & Freeland read the CETA?

    * Should Politicians Have to Sully Their ‘Beliefs’ & Sales Pitches with ‘Sordid’ Facts that Come from Actually Reading & Understanding Global Treaties/’Arrangements’? Just the Facts; ‘We’, The People can Draw our Own Conclusions? Unless they’ve been paid via ‘future considerations’…
    2 Republican Senators Admit that They Have read the TPP.
    Congress/Parliaments; Deluded, or, Deluding; 'IGNORAMUS et IGNORABIMUS' (I do not know & I will Not Know)?
    ‘Quis custodiet ipsos custodies’? (Who Will Guard the Guards?)

    * Introduction CETA, et al, base for future, secret changes for Global Corporate Economy; your tax dollars to fund their enterprises & value of shares with No Corporate Liabilities & for their other future considerations

    * CETA Costs harmless Taxpayers. Why not make Global Corporate Partners pay for ‘Privilege’ of joining CETA, et al & Corporations pay CETA Tribunal’s punitive penalties NOT the harmless taxpayers?

    * Do ‘We’ want ‘Good Corporate Citizens’, or, more of Corporate Global associates to Punish the harmless taxpayers & complete the Info Deprivation?

    * After New Zealand’s PM admitted that medicines will cost more, have the citizens of New Zealand & other TPP nations also noticed similar moves like Canadian Prime Minister Harper below?
    ‘To help pay for the harmless taxpayers ‘guilty transgressions’ against Global Corporations in Canada, Prime Minister Harper has recently cut the funding for health care by $36 billion dollars’. (please see article below)

    * There is a great deal more to the ‘Foreign’ Treaties/’Arrangements’ (CETA, TTIP, TPP, et al), than Tobacco Carve-out, Piggy-backing Autos & Parts from China to N. America &/or the EU via Japan, Gouging Drug Prices, Fish, IP, Privatizing Public Health Care, Dairy products & Pork;
    Why didn’t Someone Tell me that the Punitive Penalties of the CETA’s Tribunals would come off the Top of Signatory Governments’ Budgets & Not the Bottom after All other Expenditures? Corporations & Shareholders First and the lil’ guy gets left overs, if any.

    * Canada’s Traditional Media (Corporate Canada, et al) seem to be Adjusting the CETA ‘Goal Posts’ in order to ‘Demonstrate’ how Canada Won more than it Lost & similarly in all of the other Traditional Media of the other EU nations. How did ‘We’ all ‘Win’ if everyone else ’Lost’? Isn't more accurate that the Global Corporations WON BIG time & ALL the citizens of the CETA LOST BIG time?

    * Guaranteeing the Net Tax Gains for the Voters with Global Corporate Assets Defeats the Purpose of the Global Corporate Treaties/’Arrangements’; ie. it’s like playing the ‘Shell’/Shill Game without Hiding the Pea.

    * CETA & other Global Corporate Arrangements Accelerates Disparity at Voters Expense.

    * Can Piggy-backing 80% of products from China, BRICS, et al, on to Canadian products exported to the U.S. really lower the taxes of Canadian citizens by 7% if Corporate Canada increases our Taxes (Global Corporate Tribunal Penalties) by 2- 12%+?

    * Canada’s Remorseless Prime Minister (Pay for The WAD Accord's
    Compensations, etc.) & Depriving Citizens, et al, of Due Diligence Info?

    * There is no melodramatic ‘Boom, or, Bust’ in the CETA & the other Global
    Corporate Treaties/’Arrangements; it’s just a huge Shift of Liabilities from
    Corporations to the harmless lil’ guy and taking Huge amounts from the lil’ guy via Punitive Penalties ‘giving’ it to Shareholders as ‘Profits’;
    Tort Reform on Steroids is Tort Abolishment.

    * How long have Global Corporate Associates been ‘Passing’ Legislation in
    Anticipation of Suing Once Ratified? ‘Trickle’ Up & Out Economics.

    * Corporate America, after its 2008 ‘Tactical Probe’ into Deregulation & Its Sub sequential Buying Short on its Global Recession, is Anxious for Its Legitimized & Globalized (CETA/ TPP/TTIP) ‘Full Invasion’; HSBC’s money laundering, Enron’s insider trading, Chase Bank’s fraud, etc. Corporate Canada & its Traditional Big 3 Political Parties are desperate to increase its play time under the ‘skirts’ of Corporate U.S. in the International Glitter Game.

    * CETA, TPP, TTIP; Roll-back NAFTA, et al, Tribunal Penalties (ISDS) paid by Canadian lil’ guy; $125 M & $25 M legal fees to Reneging Corporate America. U.S. Pays ‘0’. ‘You Should have Known’; President Bush. Prohibit Future CETA, et al, ISDSs.

    * But, will the lil' guy get 6 years to read, consider, discuss & improve upon (with lawyers paid by Global Corporate Assocs.)?

    ***
    FULL Article, see; davidehsmith.wordpress.com
    ***
    Also see; Excerpts from
    'The Submission' to The SUPREME COURT of CANADA: ‘The SHAREHOLDERS & Corporations of AMERICA, China, Canada, the EU, the
    Trans-Pacific nations, et al
    v.
    the (harmless) Canadian NON shareholders, both; Native & non Native, et al’
    including
    'The MERKEL (Chancellor of Germany) Letter; To Sue, or, Be Sued?'
    (see; davidehsmith.wordpress.com)
    ***
    For the FULL ‘Submission’, see; The SUPREME COURT of CANADA
    ***
    Please consider sharing the enclosed information & questions with 10 friends who will share it with 10 others...
    *** Also See; ‘You Should have Known’; President Bush re; Corporate ‘America’ reneging on FTA at davidehsmith.wordpress.com
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