The European Union and Canada are on the verge of reaching a breakthrough trade pact which will deeply integrate the two economies. With world economies already intertwined, this particular agreement will inevitably be of major significance, with a host of long-term benefits and repercussions to follow. The pact will eliminate tariffs on almost all goods and services and it is estimated that it will boost bilateral trade in goods and services by 20% to 25.7 bln euros a year. It is being touted as “the biggest deal the country has ever made”, setting a precedent for a similar and potentially even bigger deal to reduce transatlantic barriers to business between Europe and the United States. Pending approval by the 13 Canadian provinces and 28 EU governments, this already sets a positive economic tone and example for moving forwards. With prospects of increased trade, employment and investment, this may just be the best medicine for the EU economy. Read more…