European Central Bank Lagarde is attending the meeting in Banff with finance ministers and central bank governors from the G7 countries. The full official summit is in June.
Lagarde calling for the full implementation of the free trade agreement between Canada and the European Union (EU), Comprehensive Economic and Trade Agreement (CETA)
- warned that international trade will be changed forever by the tensions over tariffs
- said that with Trump’s extension of his trade war to nearly every country, we must question the links of dependency that we have with each other and, in certain matters, with the United States
The free trade agreement between Canada and the European Union (EU), The Comprehensive Economic and Trade Agreement (CETA) is largely in effect, though not fully ratified. It eliminates over 99% of customs duties on industrial goods and more than 90% on agricultural products, and also removes EU tariffs on gas and oil imports. Signed in 2016 and provisionally applied since 2017, the deal still awaits formal ratification by about ten EU member states, including France, Belgium, and Italy. If France were to officially reject the agreement, its provisional application would be terminated across the entire EU.
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