Canada, European Union to seek closer economic partnership

Prime Minister Stephen Harper today announced that Canada and the European Union have agreed to work toward a historic, comprehensive economic agreement.

Prime Minister Harper, President of France Nicolas Sarkozy, and European Commission President José Manuel Barroso agreed to this initiative during the annual Canada-EU Summit.

“In the current global economic climate, we agreed that closer economic cooperation with key partners is becoming more important than ever,” said Prime Minister Harper. “A recently completed Canada-EU joint study indicates that liberalized trade in goods and services has the potential to boost Canada’s economy by $12 billion within seven years following the implementation of the agreement.

“Canada and the EU will prepare formal mandates with a view to launching negotiations on an economic partnership as soon as possible in 2009,” said the Prime Minister. “This government will pursue bilateral and multilateral trade relationships that bring continued prosperity to Canadians. As discussions move forward, we will continue to consult with the provinces and territories.”

The Prime Minister welcomed the decisive progress toward the negotiation of a comprehensive air transport agreement between Canada and the EU.  He, along with EU leaders, directed negotiators to conclude the agreement by November 30, 2008. This agreement will improve connections between markets and create new opportunities for the air sector.

Leaders welcomed measures already taken to address the financial crisis, and agreed to coordinate national and collective actions in view of the crisis, notably in the contexts of the G8 and the EU.  They supported the convening of an international summit before the end of the year to pursue and support these actions.

The Prime Minister and European leaders also committed to continued cooperation in support of stability and development in Afghanistan, Haiti and other troubled regions.

The leaders reiterated their commitment to close collaboration in the fight against climate change and in efforts to improve energy security, notably through joint initiatives to cooperate on the development of clean and renewable energy and greater energy efficiency.