The EU and Canada intends to sign new trade agreement
According to the British Broadcasting Corporation (BBC) on Sep 26th, the European Commission and Canada have announced details of its latest trade agreement. Under the agreement, almost all customs duties will be exempted, and both services market will be opened.
Under the new trade liberalization agreement, the transaction will expand the product range includes mechanical facilities, chemical products, transport, insurance services, communications services. The European Commission noted that the agreement will promote bilateral trade volume grew by 23%. As early as six years ago, the European Commission and the Government of Canada had conducted a joint research, and noted that trade liberalization will lead to economic growth totally amount of 20 billion euros.
It should be pointed out that the agreement provides for investor-state litigation system, this system ensures foreign investors’s profits. However, it will become impediments to sign the agreement. Opponents pointed out that investor-state litigation system would generate government constraints, thus affected the democratic countries.