After four years of negotiation Prime Minister Stephen Harper and European Commission President Jose Manuel Barroso recently announced an “agreement in principle” to conclude the Canada-Europe Union (EU) Comprehensive Economic and Trade Agreement (CETA). This is the most important trade deal signed by Canada. It surpasses NAFTA in scope.

Perrin Beatty, President and CEO of the Canadian Chamber of Commerce welcomed the announcement, “By tearing down trade barriers and encouraging regulatory coordination, this deal with the world’s largest economy will bring more opportunities for exporters and lower prices for consumers, as well as encourage new investments in Canada.”

Although the final text has yet to be released, a preliminary assessment by the Canadian Chamber of Commerce based on technical briefings confirms that it is one of the most comprehensive and ambitious trade deals in history, and that it will bring significant economic benefits to Canadian businesses of all sizes and sectors across the country. The hope is the momentum generated by signing this deal will help push forward Canada’s other major trade talks, including with Japan, India, Korea and the Trans-Pacific Partnership countries.

View a detailed overview of the Canada-Europe CETA. The report notes the key elements of the agreement, clarifies outcomes on more contentious issues and outlines next steps before the agreement comes into effect.