Canada-EU trade deal could boost annual revenue by $12 billion

The EU parliament has voted in favour of a landmark trade deal with Canada — the Comprehensive Economic and Trade Agreement or CETA.

The deal would eliminate 98% of tariffs for both partners, and is expected to annually increase bilateral trade by 20% and boost Canada’s income by $12 billion. The economic benefit equates to creating almost 80,000 new jobs or increasing the average Canadian household’s annual income by $1,000.

Read: Is Canadian business confidence on shaky ground?

Canada is the EU’s 12th-most important trading partner, and the EU is Canada’s second-largest trading partner after the U.S., accounting for 10% of exports.

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Staff, with files from The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.