Facts 4 The EU claims that Canada’s trade deficit has increased by 227 per cent since the signing of the joint agreement with Brussels in 2011, to about ১ 1.5.5 billion (১ 1b billion), when the UK is finally removed from the bloc. This agreement will be severely hampered. When Canadian Prime Minister Justin Trudeau agreed to the Comprehensive Economic and Trade Agreement (CETA), there was a trade deficit of ১৩ 13 billion (- 11.6 billion), according to Facts4 EU. The agency says the deal with the EU will be “absolutely low” because Canada sold 43 per cent of its products to the UK and will not be able to enjoy such high-level trade once Brescit’s decision is finalized.
They added that Canada’s deficit in services has not improved since the CETA was approved.
Discussions around the CETA ended in August 2014, two years before the UK referendum on the future within the European Union.
The agreement is still ongoing and removes the existing 98 percent tariff between the bloc and Canada.
Commenting on the results, Facts 4 EU said: “It would be reasonable to try to make trade deals with the world’s largest economies and to make them the main priority.
“After all, if you compare just one agreement with a country like Canada with a country like the United States, the agreement with Canada in the United States will be ten times more.
“Unfortunately, after more than 600 years of existence, the EC / EU has not been able to reach a trade agreement with the world’s largest and strongest economy.”
It added: “Instead of working hard and in good faith to negotiate a new business arrangement with the UK, the EU has put every imaginary obstacle (and a number of unimaginable things) in the way of achieving a successful outcome.
“It started in 2016 when it refused to negotiate with the UK – not even informally. The artificial barriers it threw in the intervening years were the military.”
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If there is no agreement, the UK will effectively exit Brussels’ tariff union and single market and trade the World Trade Organization terms.
Earlier in his regular press conference, Michelle Bernier, the EU’s chief Brexit negotiator, said: “Many times this week it seemed as if we were moving further back.
“Today, at this stage, an agreement between the EU and the UK seems impossible. We simply do not understand why we are wasting precious time.”
Talks on the next episode will begin tomorrow (September-September) in London.