Canada Opening its Market to the EU

by Matthew Pellicer on October 30, 2013 - 11:15am

On October 18th, Stephen Harper chose to sign a deal with the EU. It states that many duties and tariffs won’t exist anymore on mostly food but also minerals and other resources. This is great news for Canada as it can reduce prices on dairy products, meat and wines.

As with all deals there are some drawbacks though. This deal could hurt the dairy industry because instead of the EU exporting 13,000 tons of dairy they will be allowed to export 29,000 tons. This means that the price for Canadian dairy will go down because the supply for dairy will rise but the demand will remain the same.

Overall, Canadians will be able to save money but at the cost of jobs and certain local industries as others, such as meat, will grow. It becomes a choice to either choose to try to have every country provide for itself or have each country specialize in its own industry.

http://www.cbc.ca/news/politics/summary-of-canada-eu-free-trade-deal-tabled-1.2286695

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