By Lewis Crofts - 3rd March 2004
The European Commission has finalised a blueprint to pave the way for a trade and investment deal between the EU and Canada.
The plan, which will be debated and agreed at the EU-Canada summit in Ottawa on March 18, aims to introduce rules on investment, competition and intellectual property rights to help break down obstacles between the two trade partners.
“As a result of the progressive reduction of tariff barriers, 21st century trade requires us to look at trade obstacles beyond the border,” said EU trade commissioner Pascal Lamy.
“We need to be inventive to find solutions which address the new challenges of a trade and investment relationship between two developed economies,” he added, stressing that the obstacles to trade are of a technical nature not prevalent in other trade deals.
Other concerns in the so-called Trade and Investment Enhancement Agreement (TIEA) focus on the mutual recognition of professional qualifications and e-commerce.
Canada ranks the EU as its second largest import trading partner in a trade relationship worth at least €36 billion in 2002.
Despite the good will, Canada and the EU are still involved in a number of disputes in the World Trade Organisation particularly over registered food names and hormone beef imports.
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