“It will be the basis for gaining a strong foothold in the North American market and so provide a catalyst for growth and the creation of jobs in Europe,” he added.
EU Trade Commissioner Karel De Gucht commented that it has been a real challenge to reach this agreement, and it's a real first when it comes to a comprehensive Free Trade Agreement between two mature economies.
It will be the first free trade agreement between the EU and a G8 country.
According to the EU, the agreement is expected to increase bilateral trade in goods and services by 23 percent, or 26 billion euros (about $35 billion). The overall benefits of the agreement are expected to raise the level of the EU's annual GDP by some 12 billion euros a year.
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