“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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EU And Canada Are in Trade Talks
What do you do when the times are tough? Work to boost your economy through trade. And, that’s exactly what Canada and the European Union are proposing to discuss in October, rep0rts the Journal of Commerce.
Currently, the EU and Canada trade $98.8 billion worth of goods and services annually. The agenda for October’s meeting is to see if the bilateral countries can boost this amount to $28 billion, which will provide great benefit to both economies. Other items that will be covered are foreign investment, public procurement, and the protection and enforcement of intellectual rights.
What does this mean for public and private companies? Potential new trade agreement licensing, harmonized tariff schedules to classify goods, duty rates, just to determine whether you can legally complete your transaction. Employing software , such as Management Dynamics’ Global Trade Content solution, can help companies that are engaged in global trade manage the large amount of information and help determine which licenses are needed to stay compliant.
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