Pharmaceuticals are at the heart of the ambitious trade agreement whose final details have just been agreed between the EU and Canada; both sides agree that it will improve market access and facilitate innovation for drug companies on both sides of the Atlantic.
But although the deal breaks fresh ground by being a detailed free trade pact going beyond tariff abolition, concluded between the EU and a major world economy, the European Commission has been careful to play down expectations for a similar deal with the US in the Trans-Atlantic Trade & Investment Partnership (TTIP) negotiations.
‘They are not the same,’ said a Commission official. ‘The size of the market and its dynamics are different. The Comprehensive Economic and Trade Agreement (CETA) with Canada shows that a meaningful free trade agreement between advanced partners is possible, but it does not prejudge the outcome of the EU-US negotiations.’
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