Eric Byrne (Dublin South Central, Labour)
Link to this: Individually | In context | Oireachtas source

258. To ask the Minister for Jobs, Enterprise and Innovation the position regarding the free trade agreement between Ireland and Canada; what it entails; if he will clarify a situation regarding this agreement (details supplied); and if he will make a statement on the matter. [6278/14]

Richard Bruton (Dublin North Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The political agreement reached on the key elements of a Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada was announced on 18 October 2013 by EU Commission President Barroso and Canadian Prime Minister Harper. At present further technical discussions based on this political agreement are taking place between both sides. These technical discussions are necessary in order to finalise the legal text of the agreement. Once agreement is reached on these, the agreement will proceed for translation and for legal validation. It is anticipated that the agreement will enter into force towards the end of 2015 or in early 216.

The CETA covers virtually every aspect of economic activity, and is an extremely important one for Ireland. It is the first comprehensive trade agreement with an historically close trade and economic partner and is a landmark deal between our two transatlantic economies. When fully implemented 99% of all tariffs (duties) on goods will be removed, the vast majority of them being wiped away from the first day of implementation. It is important to note also that the existence of a Free Trade Agreement would not have any impact on the VAT treatment of imported goods.

The CETA will also widely liberalise trade in services, among others in the areas of financial services, telecommunications, energy and transport. For the first time ever, all Canadian levels of government will open up their public procurement markets above certain thresholds to European suppliers. The opportunities presented by the Agreement could add well over €200 million to Ireland’s current €2.7 billion bilateral trade with Canada, thus creating more jobs and contributing to our economic recovery.