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Canadian-E.U. trade agreement announced

Canada and the European Union have announced a Comprehensive Economic and Trade Agreement (CETA). The deal will give Canada duty-free access to the E.U. for up to 50,000 metric tons of beef, 80,000 tons of pork and 3,000 tons of bison.

It also removes nearly all of the European tariffs on Canadian agricultural products like wheat and canola oil.

In return, the Europeans get to double the amount of duty-free cheese, up to 31,000 metric tons that they can sell in Canada. CTV quotes “some experts” who say this could cost Canadian dairy farmers over $150 million. Federal officials say the CETA will not affect Canada’s supply management system and financial compensation will be available for Canadian cheesemakers adversely affected by the deal.

The deal is preliminary, the text must still be written, the Provinces and Territories have to agree to it as do the 28 European Union member states. The entire process is expected to take 18 to 24 months.