A new free trade deal between Canada and the European Union (EU) may not have universal appeal, but Assistant Professor Andreas Schotter says the pros outweigh the cons.
In an interview with CBC News Network, Schotter discussed the benefits of the Comprehensive Economic and Trade Agreement (CETA), a progressive free trade agreement that is expected to boost economic relations and trade between Canada and the EU. Eight years in the making, the much-contested trade deal was approved by the European Parliament on February 15 and is expected to be ratified by Canada’s Senate in coming months.
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Although Schotter acknowledged some Canadian jobs and industries might be affected by the deal, he said there’s potential for the deal to boost economic prosperity on both sides of the border and lessen Canada’s dependence on trade with the U.S.
“We need to spread out and be less complacent in terms of international exposure so I’m really excited about this deal,” he said. “We do not have a large base of home-grown global multinational corporations. Making it easier for European companies to set up here and do business is a good thing, particularly considering the changes in the global flow of goods and services.”
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