Latvia ratifies EU-Canada trade deal

Latvia on Thursday became the first EU member state to ratify a free trade deal between the EU and Canada, after its parliament passed the ratification bill in the final reading by 71 votes to five and one abstention.

The ratification coincided with a visit by Canadian minister of international trade Francois-Philippe Champagne.

At a joint press conference, Latvian foreign minister Edgars Rinkevics said Latvian companies have strong interests in the EU-Canada Comprehensive Economic and Trade Agreement (CETA).

There are cooperation opportunities in areas like internet technology, food production, and wood processing, said Rinkevics.

There is also a possibility of Canada's involvement in the pan-Baltic railroad project Rail Baltica, he said.

For his part, Champagne said the Latvian parliament had taken a progressive decision by ratifying CETA which would promote prosperity and security.

Praising Latvia as the first EU member to ratify the deal, Champagne said it would enable small and medium-sized enterprises, women-owned companies and other businesses to enter the Canadian market more easily.

"When we started work on CETA a decade ago, it seemed visionary, but now it seems right. Today we celebrate prosperity and security," the Canadian minister said.

According to a statement released by the Latvian foreign ministry, CETA will mean the elimination of tariffs on 99 percent of Canadian tariff lines, Canada will substantially open up its services market and Latvian companies will have access to public procurement markets in Canada. Endit