Canadian Prime Minister Mark Carney announced that he had a “constructive” call with the president of the European Commission, Ursula von der Leyen, during which they agreed to strengthen economic security, to deepen their free trade partnership and to collaborate on shared defense and security challenges.
Canada and the EU strengthen their economic cooperation and free trade through the complete economic and commercial agreement (CETA).
Carney said: “When Canada and the European Union are built together, our future is stronger.”
Canada and the EU investigate the means of strengthening their relationship for mutual benefits
The cornerstone of the commercial relationship between Canada and the EU is the complete economic and commercial agreement that has been temporarily applied since September 2017. The APE has eliminated 98% of Canada prices to the EU and Vice Versa, considerably facilitating trade.
The trade agreement uses a progressive strategy described in a tariff dismantling calendar to make this elimination. The price lines have been initially removed, and the others, which include grains, seafood products and passenger cars, are gradually removed. This procedure aims to reduce commercial spending while stimulating the competitiveness of Canadian exporters and producers on the EU market.
However, the agreement has not yet been entirely ratified in certain EU countries, notably Belgium and Bulgaria. Mary NG, Canadian Minister for the Promotion of Exports, International Trade and Economic Development, said on February 8 that Canada sought to deepen economic ties with the EU while respecting global trade rules in the midst of American threats to impose prices.
In addition, since 2017, the EU and Canada have benefited from the advantages of a free trade agreement which increased bilateral trade by 65% and established a partnership for raw materials in 2021.
The recent election of Canadian Prime Minister Mark Carney added momentum to this transatlantic collaboration. Carney, a former central banker with leadership experience in Canada and the United Kingdom, is committed to reducing Canada's economic dependence on the United States, which currently represents more than 75% of Canadian exports. In his victory speech, Carney stressed the need to pursue closer links with Europe and Asia, including potential security and trade alliances with the EU.
NG noted that trade agreements are one thing, and they had seen very large figures, but have stressed the need to explore what more can be done to help Canadian companies enter one of the 27 EU member states and pay for similar efforts to Canada.
She also said that the EU would focus on small businesses and strategic minerals. In addition, to reduce its dependence on China, the EU, in particular, was eager to forge alliances to ensure that Europeans had access to metals, in particular cobalt, lithium and nickel, necessary for the energy transition.
Additional evidence of the aggressive pursuit of Canada of trade agreements in the Indo-Pacific Region can be found in the agreements it signed with Ecuador in February and Indonesia in December. The minister also made trips to Australia, Singapore and Brunei.
NG said: “We are at the table with the countries of Southeast Asia, therefore the association of Nations of Southeast Asia. I took a very large delegation of Canadian companies in the Philippines in December, in Indonesia, markets such as Vietnam, Malaysia, Japan and Korea. ”
APE promotes prosperity and economic growth in the EU-Canada trade
Ursula von der Leyen, the president of the EU commission, said in an X post that she had had a conversation with Mark Carney and congratulated her for her election. The opportunity, she argued, was a perfect opportunity to underline the close links Between Canada and the EU and the opportunities awaiting us.
In addition, in addition to discussing the means to rely on the achievements of the APE, she revealed that they had agreed to investigate the defense and cooperation of more in -depth economic security.
APA seeks to ensure growth and prosperity on both sides of the Atlantic, to increase trade and investment and to generate jobs. It also contains resolved commitments to protect the environment, maintain labor rights and promote sustainable development.
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