Recently Concluded Negotiations
EFTA
Canada and the European Free Trade Association (EFTA) signed an FTA on January 26, 2008, on the margins of the World Economic Forum in Davos, Switzerland. Implementing legislation received Royal Assent on April 29, 2009, and the FTA will come into force on July 1, 2009. Free trade negotiations with EFTA, which comprises Iceland, Liechtenstein, Norway and Switzerland, were launched in 1998.
The agreement with EFTA is Canada's first FTA with any of the European countries and, when it was signed, was our first FTA in more than six years. It will bolster our existing commercial relationships with the EFTA countries, and broaden Canadian access to these valuable European markets. The FTA also provides a platform for Canadian business to tap into European Union value chains.
Peru
On May 29, 2008, Canada and Peru signed an FTA, a Labour Cooperation Agreement and an Agreement on the Environment.
Under this FTA, Canada will have greater access to the Peruvian market for goods and services. In addition, this FTA will provide greater stability, transparency and protection for investment, creating a more receptive environment for the rapidly growing stock of Canadian investment in Peru.
The Agreement on the Environment includes provisions on environmental protection, biodiversity and corporate social responsibility, while the Labour Cooperation Agreement contains strong and enforceable provisions in support of labour rights.
All three agreements are currently proceeding through each country's domestic ratification process. In Canada, implementing legislation is currently before Parliament.
Colombia
On November 21, 2008, Canada and Colombia signed an FTA, a Labour Cooperation Agreement and an Agreement on the Environment.
This FTA will provide greater market access to Colombia for Canadian exporters of goods and services. In addition, the FTA will provide greater stability and protection for Canadian investors.
Under the Labour Cooperation Agreement, Canada and Colombia have agreed to strong and enforceable provisions on labour rights, including core labour standards such as the elimination of child labour, forced labour and workplace discrimination, as well as the right to freedom of association and the right to bargain collectively. The Agreement on the Environment commits Canada and Colombia to pursuing high levels of environmental protection in their trading relationship and includes provisions on corporate social responsibility.
All three agreements are currently proceeding through each country's domestic ratification process. In Canada, implementing legislation is currently before Parliament.
Jordan
Canada concluded negotiations with Jordan on a goods-only FTA, along with a Labour Cooperation Agreement and an Agreement on the Environment, on August 25, 2008.
Canada will receive improved market access from Jordan under the FTA for the vast majority of Canadian exports. The FTA will better position Canadian business vis-à-vis competitors in this market, such as the United States and the EU, which already have FTAs with Jordan.
The Labour Cooperation Agreement contains strong, enforceable provisions in support of labour rights. The Agreement on the Environment includes provisions on corporate social responsibility and will commit both countries to pursuing high levels of environmental protection. Following a legal review of the negotiated texts, the FTA and side agreements will be signed by the parties and proceed to each country's respective legislatures for ratification.
