The report also suggested that the GDP of the EU and Canada would increase by $11.6 billion ($17.1 billion) and $8.2 billion ($12.1 billion) respectively (see Chart 1 for the most recent Canada-EU trade). While these amounts are not negligible in absolute terms, they represent only 0.08% and 0.77% of European and Canadian GDP respectively. As a result, the expected economic benefits are small relative to the size of the European and Canadian economies. Of course, the benefits of such an agreement would not be shared equitably among Canadian residents. According to the joint study, it is the metals, transportation and electronic equipment sectors that would benefit most economically from such an agreement in Canada. It can also be expected that provinces that trade more with the EU, such as Quebec, would reap the bulk of the economic benefits. The EU and Canada meet regularly to discuss issues and best practices in the implementation of the agreement. The committees meet regularly. BRUSSELS, Oct. 29 (Xinhuane) — The Comprehensive Economic and Trade Agreement (CETA), a free trade agreement between the European Union (EU) and Canada, has helped both sides promote trade and jobs over the past three years, EU and Canadian leaders said Thursday. On August 5, 2014, Canada and the European Union agreed on the final text of a free trade agreement. The text was obtained by EU Member States and Canadian provinces and territories.
On 26 March 2014, the Federal Minister for Economic Affairs, Sigmar Gabriel, wrote an open letter to the European Commissioner for Trade, Karel De Gucht, in which he stated that investment protection was a sensitive central point that could ultimately decide whether a transatlantic free trade agreement would be approved by Germany. He also said that investment arbitrage between countries with well-developed legal systems was unnecessary. The Council of the Federation, established in 2003, provides a promising basis for the development of an institutional mechanism for coordinating the negotiating positions of the provinces and territories. As such, it could be the same for the EU Council of Ministers; It must, however, go beyond a meeting of prime ministers twice a year. Ministers from different portfolios are expected to meet regularly between Prime Ministers` meetings, just as the EU Council of Ministers every week on issues of foreign policy, transport, environment, etc. have met. In addition, as in Europe, the Council of the Federation could benefit from permanent representatives of the provinces to prepare ministerial meetings and interact with federal government officials on issues that concern all provinces and territories, such as. B the negotiation of international agreements involving provincial courts.
Indeed, it is surprising that the Council of the Federation has not been used as an institutional springboard for provinces to participate in ceta negotiations. Instead, each province decided to send its own representative. The extent to which these provincial negotiators vote their positions in advance is unclear; However, it is likely that there will be little, if any, coordination. . . .