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EU-Canada Enhanced Economic Partnership Agreement Summary

Core Content

The EU-Canada summit held in Montreal on 17th October 2008 marked the beginning of negotiations for an 'enhanced economic partnership' agreement, which is not officially named a Free Trade Agreement (FTA). This agreement aims to deepen economic integration between the EU and Canada, surpassing previous preferential trade arrangements and even NAFTA. It is expected to cover a wide range of trade, services, and investment liberalisation, including non-tariff barriers, intellectual property rights (IPRs), government procurement, and geographic indications.

Main Points

• Negotiation Start: The summit in Montreal announced the next step as drafting negotiating mandates, not the initiation of formal negotiations.
• Joint Study: A joint study by the European Commission and the Government of Canada, published in 2008, outlined the potential economic benefits of the agreement.
• Scope of Agreement: The agreement is designed to be more comprehensive and ambitious than any previous trade deal between the EU and Canada.
• Sectoral Gains: The agreement is expected to yield significant gains in various sectors, particularly in trade liberalisation and services.

Key Information

Potential Economic Gains

• Services Trade Liberalization: A major source of income gains for both the EU and Canada.
• Tariff Liberalization: The largest portion of sectoral output gains is expected to come from reducing tariffs on industrial and agricultural goods.
• Leading Sectors:
  • EU: Processed food, chemicals, machinery and equipment, transportation services, business services, motor vehicles and parts, insurance, and consumer services.
  • Canada: Processed foods, primary agriculture, metals, transportation services, transport equipment, and machinery equipment.
• Competitiveness Gains: Certain sectors in both regions are projected to become more competitive in their domestic and export markets.

Challenges

• Agricultural Trade: Sensitive products such as dairy have high tariff rates (249% for Canada, 54% for the EU). Agricultural subsidies remain a contentious issue.
• Public Procurement: The EU and Canada are signatories to the GPA, but the coverage is limited due to the principle of reciprocity. Canada does not include provincial-level procurement, which limits its access to EU member-state procurement.
• Labour Mobility: Inter-provincial movement of professionals in Canada is restricted due to differences in licensing and qualification policies. However, there is progress towards full labour mobility by 1 April 2009.

Impact on US

• Rules of Origin: The agreement's rules of origin could affect US competitiveness in the EU and Canada. If the rules require a high level of value-added content, US goods with integrated production chains may not benefit.
• Technical Standards: The convergence of technical standards between the EU and Canada may impact US businesses, especially if the EU adopts more innovative standards.

Implications for WTO and the Doha Round

• Transatlantic Relations: The agreement may signal the start of a new era in transatlantic trade relations, potentially leading to similar deals with the US.
• WTO Reform: The possibility of the EU and US entering similar agreements raises concerns about the future of the WTO, an institution that is already in need of reform.

Conclusion

The EU-Canada Enhanced Economic Partnership Agreement is a significant step towards deeper economic integration. It promises substantial benefits for both regions but also presents complex challenges, particularly in agriculture, public procurement, and services. The agreement's impact on US trade and the broader implications for the WTO highlight its strategic importance in shaping future transatlantic trade dynamics.