EU to Launch Canada Trade Pact Talks

European Union foreign ministers agreed on Monday to launch talks on a trade pact with Canada worth over $27 billion per year, EU diplomats said.

“The ministers gave the green light,” one diplomat told Reuters. The agreement was subsequently confirmed by the EU Presidency.

Canada and the EU first agreed in October 2008 to seek a “comprehensive economic agreement” to boost two-way trade by lowering tariffs on goods and services, and encompassing areas such as investment, regulatory cooperation and rules of origin.

(Reporting by Darren Ennis, editing by Mark John)