This link thinks the Canada EU trade agreement is a good model for Britain in the Brexit.
As far as I can tell, I was the first person to raise publicly the new Canada-EU Comprehensive Economic and Trade Agreement, or CETA, as a potential template for Brexit, in an article in The Times on January 26th. I have Canadian relatives and lived there for a while, so I keep a fond eye on Canada. I challenged both the Remain and Leave campaigns to look at the deal and explain whether or not it was a useful template for a deal between Britain and the EU if we voted to leave.
Boris Johnson has now taken up the cause and over the weekend specifically cited the Canada-EU deal as a model.
The full agreement and summary is available online and it runs to 1,600 pages. Like the correspondence of Phillip II of Spain, one suspects no single person has read all of it. The main points are pretty clear, but I have to confess that I am not an expert on the all the complexities.
Here are 10 things you need to know:
The agreement summary says: “Overall, the tariffs for 98.6% of all Canadian tariff lines and 98.7% of all EU tariff lines will ultimately be fully eliminated. This will happen at entry for 98.2% of the Canadian tariff lines and for 97.7% of the EU tariff lines. All other products identified for liberalisation will have their tariffs brought to zero within 3, 5 or 7 years.”
2. Financial Services
Contrary to the spin from the Remainers, financial services are specifically addressed in Chapter 13 of the agreement. It says that “each Party shall permit a crossborder financial service supplier of the other Party, on request or notification to the relevant regulator, where required, to supply a financial service”. This is a step short of the current “passport regime” under the single market which means an approval by regulators in London is valid across the EU.
A bigger issue is that the EU, led by financial markets commissioner Lord Hill, is about to introduce a Capital Markets Union. This means there will be a single rule book for raising capital across the EU. From the City’s perspective, being left out of this would indeed be disappointing and there is no mention of it in CETA. Except, of course, the bulk of the EU’s capital markets are effectively run from London, so they would be mad to shut us out.
And it continues on from there for 8 more points…
I tend to agree.