EU and Canada Signed a Free Trade Agreement

The European Union and Canada signed a free trade agreement on Sunday that aims to generate jobs and growth though it must still clear some 40 national and regional parliaments in Europe in the coming years to enter fully into force, Reuters reports.

“We are setting standards which will determine globalization in the coming years. Nothing in other trade agreements will be able to remain below the level of what we have reached today with Canada,” European Commission President Jean-Claude Juncker said.

Supporters say CETA will increase Canadian-EU trade by 20 percent and boost the EU economy by 12 billion euros ($13 billion) a year and Canada’s by C$12 billion ($9 billion).