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Daily Dutch News in English

EU-Canada trade deal to yield Netherlands billions of euros

‘The trade agreement between the EU and Canada is expected to benefit the Dutch economy to the tune of €600 million to €1.2 billion a year,’ said Lilianne Ploumen, Minister for Foreign Trade and Development Cooperation, following the announcement that Canada and the European Union have reached agreement on a raft of trade measures.

Ms Ploumen is pleased with the trade deal for several reasons. ‘Alongside our historical ties, trade relations between Canada and the Netherlands are extremely valuable. This agreement will further intensify these relations, creating more wealth and jobs on both sides of the Atlantic. There are plentiful opportunities for various Dutch industries, including dairy, dredging, shipping and financial services,’ said Ms Ploumen.

The trade deal makes it easier for Dutch companies to do business in Canada. It reduces and even abolishes customs tariffs and other trade barriers. Many goods, for instance, no longer need to be tested for safety in both countries; a single test will now suffice. The trade deal also includes accords on intellectual property, government tendering, dispute resolution, and sustainable development.

After the US, the Netherlands is Canada’s second biggest source of foreign investment. And after the UK, the Netherlands is the EU’s biggest importer of Canadian products. The negotiations on the EU-Canada trade deal began in 2009 and were conducted on the EU’s behalf by the European Commission.

Source: Dutch government