EU, Canada finalize trade pact

Canada estimates the new pact will increase bilateral trade by 20 percent and will create the equivalent of 80,000 jobs. 

European Commission President José Manuel Barroso hailed the agreement in particular for liberalizing trade in financial services, telecommunication, energy and transport. 

Of particular importance to the EU, Canada agreed to open its provincial-level government procurement bids to European companies and increase protections for intellectual property including geographic indications. The EU has long been on a world-wide quest to restrict the use of terms like champagne, parma ham and feta cheese. 

"It will be the basis for gaining a strong foothold in the North American market and so provide a catalyst for growth and the creation of jobs in Europe," Barroso said.