Freer trade for Canada and the European Union
The latest major stumbling block for the Canadian/EU trade agreement has been overcome. Belgium, a holdout on the agreement, has come to a resolution.
This is a significant step forward for liberty-lovers within those jurisdictions. Tariffs on imports will be nearly eradicated, giving both markets access to cheaper goods and services. With less government intervention, the Canadian and EU member states’ economies will be more efficient and cost-effective, resulting in a lower cost of living.
It comes as a mixed blessing with the extension of patent expiry dates. As a result, pharmaceutical companies are a wise investment but drug prices are expected to rise for consumers.
A key strength to the Brexit movement was the EU blocking free trade outside of its member states. This is a significant signal to the rest of the world that the EU is ready for open commerce.
The final vote is likely to be completed this year.
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