Commercial crises in view: EU and Canada intensify cooperation!

Commercial crises in view: EU and Canada intensify cooperation!

In the face of threatening tariffs on the part of the United States, the EU and Canada do everything they can to intensify its trade relationships. This was explained by the Minister of Commerce Canada, Mary NG, who recently met in Geneva with the general director of the world trade organization, NGOI OKOKONJO-IWEALA, and the EU trade commissioner Maros Sefcovic. NG emphasized the need to find opportunities that Canadian companies could gain a foothold in all 27 EU member states. The existing free trade agreement of 2017 had increased bilateral trade between Canada and the EU by 65 percent, as the Krone reported. The focus of the talks is particularly important on critical minerals such as cobalt, lithium and nickel, which are of central importance for the European energy transition.

trade agreements as a strategic necessity

In order to further strengthen the trade relationships, the European Parliament discusses the progress and challenges of the comprehensive economic and trade agreement (CETA). This agreement, which has been temporarily applied since September 2017, is one of the first and most comprehensive trade agreements that the EU has ever concluded. Nevertheless, some important provisions, in particular on investment protection, have not yet become in force, since not all Member States have ratified, as it can be communicated in a message from the European parliament . In addition, the Ukraine conflict has the need to depend on a few trading partners, and focus again and focused on the diversification of trade relationships.

The EU was the third largest trading partner in 2022 and increased its exports to the region from 624,000 to over 700,000 job -assurance positions. The trade flows remain stable even during global crises, and Canada's role as a reliable partner continues to be emphasized. A central concern is to comply with environmental standards, human rights and the integration of small and medium -sized companies in the advantages of the CETA to ensure that the trade benefits everyone involved.