The Economy

Canada, EFTA Complete Talks On Free Trade Deal

June 8, 2007

When signed it will be Canada's first deal with European countries.

Canada and the four members of the European Free Trade Area have concluded talks on a free trade agreement between the two sides, Canadian Trade Minister David Emerson announced June 7.

When a final agreement is signed with EFTA, which groups Iceland, Norway, Switzerland and Liechtenstein, it will be Ottawa's first free trade pact with European countries. "Canada and EFTA countries will work to complete the necessary steps to implement the agreement as soon as possible," Emerson said.

During 2006, trade between the two sides totaled about US $10 billion.

Emerson also said that Canada is launching free trade talks with Colombia, Peru and the Dominican Republic. The last time Canada concluded a free trade pact with another country was in 2001, with Costa Rica.

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