“European and North American Politicians Are Plotting the Biggest Trade Deal of the 21st Century”

According to CNN, EU and Canadian officials sat down in Prague to begin discussions on a new Free Trade Agreement. Let’s just say, discussions went well because if the other NAFTA countries sign in, this could be the ‘biggest trade deal of the 21st century.’ NAFTA-EU trade would contain nearly 1 billion people and account for $35.2 trillion in annual GDP, more than half the world’s trade.

“The largest benefits will come from economic integration,” says Jayson Myers, president of Canadian Manufacturers & Exporters (CME), the country’s largest trade and industry association. By that he means increased foreign direct investment, improved labor mobility and full access to government procurement.

But, will this new proposed trade agreement see the light of day? That may be up to the U.S. Canada is more dependent on exports than the U.S., and with the new ‘Buy-American’ campaign from the Obama Adminstration, this could be a hard sell.

“The ball is in the Obama administration’s court,” says Steven Schrage, a specialist in international business at the Center for Strategic and International Studies (CSIS) in Washington. “If they want this to happen, they can move rapidly.”

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