The European Union and Canada will start negotiations early next year on a pact to beef up bilateral trade and investment, European Trade Commissioner Peter Mandelson said on Tuesday. Mandelson told a news conference after talks with Canadian Minister of International Trade Jim Peterson that both sides now had a negotiating mandate to move ahead with a proposed Trade and Investment Enhancement Agreement (TIEA).
The 25-nation EU is Canada's second trade partner and Canada ranks 12th in terms of EU trade. The EU is the second-largest investor in Canada, while Canada is the fourth-largest investor in the EU. "Some of the latent potential in the relationship is still lost to poor regulatory convergence and co-operation and we want to fix that," Mandelson said.
The new accord will move beyond traditional market access issues. It will include areas such as trade and investment facilitation, competition, mutual recognition of professional qualifications, financial services, e-commerce, temporary entry, small- and medium-sized enterprises, sustainable development, civil society consultation and science and technology.
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