Carney: Canada, EU working toward deepest possible partnership, short of accession

Comments from Canada PM Carney cross the wires:Canada, EU working towards deepest possible partnership, short of accession.We will determine substance, scale and scope of this form of membership over coming months.Accepted President Costa’s invitation to attend European Council meetings in June to conclude negotiationsAnalysis: Carney is signaling an ambition to deepen Canada’s relationship with the EU, while stopping short of accession.

Here, EU accession means becoming a full member of the European Union.

Carney’s phrase “short of accession” means Canada wants the closest possible partnership with the EU without becoming a member.The direction is clear, but the practical details remain open.

For businesses and investors, the substance of any agreement will matter more than the headline ambition.The next barometer is what the two sides propose over the coming months.

These comments offer a longer-term cooperation signal which should be good to Canada, but contain too little detail to establish a clear near-term trading implication for the CAD.

It would also irk Pres.

Continue reading at the original source →