EU and Canada are leading towards the partnership agreement

08.09.2014

European Union (EU) and Canada completed negotiations preceding the signing of the Strategic Partnership Agreement (SPA). The Agreement will legally regulate economic relations between two countries.

Such shared values as freedom, democracy, human rights and governance of the law, international peace and security and effective multilateralism. Such questions as energy, sustainable development and ecology, and also new possibilities for R&D cooperation between two countries will be regulated in this agreement too.

Source: http://eeas.europa.eu/statements/docs/2014/140908_01_en.pdf

Expert’s opinion

Canada is the key EU partner with respect to many questions. Being former Brittish colony and still formally under the Crown’s management, Canada is like no one else is close with EU in spirit, legal values and legal logic with respect to the regulation of economic relations.

Strategic Partnership Agreement, which is, by the way, widely discussed in Canada is interesting at least because the actual text of the agreement was kept confidential over the course of negotiations. Surely, it would be naïve to expect the formation of free trade zone between EU and Canada with this Agreement, but provisions on the tax information exchange probably could be found in the text. It is common that from such SPA emerge another agreements that may have an impact on the business in the jurisdiction.

All in one, the creation of any regulating document between different jurisdictions leads to appearance and consolidation of fixed set of game rules. Whether business will win or lose we will see when, finally, we will be able to read the mysterious Agreement in all its glory

Ekaterina Myznikova ( Lawyer, Honest & Bright)