A tentative free trade deal between Canada and the European Union was reached last Friday, intended to eliminate virtually all tariffs and many barriers on trade and investment.
Business Commentator Paul Martin admits that not all groups are happy with the deal, but in the end, the deal needed to get done.
"We have free trade talks going on right now in Japan and China and Thailand, I mean this is just deredere these days, the flavour of the month right now, that bilateral trade agreements are what are needed because the World Trade Organization is a failure and this is Canada protecting its interests and for us, because we're much smaller, this probably has more potential to be a win."
Canada's beef sector stands to be a big benefactor as the deal includes access for 65,000 tonnes of Canadian beef, worth around $600 million per year. Hog producers should also benefit if the deal is approved as two-thirds of Canadian pork production is exported, meaning the deal adds diversity to export opportunities.
The new deal wasn't exciting news for everyone. The Dairy Farmers of Canada say the deal would put small Canadian cheesemakers out of business, displacing local products with subsidized cheeses from Europe.
It could be another 18 to 24 months before final European approval is given.
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