From BBC News, "Canada-EU free trade deal may pave way for US agreement":

Canada and the European Union have agreed the final text for a free trade agreement that could provide a blueprint for a US-EU trade deal.

Tuesday's deal will cut tariffs between Canada and the EU by 98% and could boost trade by 20%, or about $20bn.

The 1,500 page document still has to be translated into 23 languages and reviewed by lawyers.

It is expected to be ratified by Canada's 10 provinces and the EU's 28 member states by 2016.

Many are seeing it as a template for US-EU trade talks.

Or, at the very least, evidence that major trade negotiations can be completed and ratified.

From Foreign Affairs, Trade and Development Canada, the news release, "Complete Canada-EU Text Reached," and high-level facts:

• The EU is the world’s largest integrated economy, with more than 500 million consumers and a GDP of $17 trillion.
• Out of more than 9,000 EU tariff lines, approximately 98 percent will be duty-free for Canadian goods when the Canada-EU trade pact comes into force.
• A joint study concluded that the trade agreement with the European Union would be of significant benefit to Canada, resulting in a 20-percent boost in bilateral trade and a $12-billion increase in Canada’s annual income (GDP), the equivalent to creating almost 80,000 new jobs or increasing the average Canadian household’s annual income by $1,000.

A Canada-EU summit is scheduled next month in Ottawa.

More ...

• Financial Post, "Canada, EU agree on ‘historic’ free-trade pact — but there’s still more work ahead"
• Globe and Mail, "Canada, EU reach major step toward finalizing free-trade deal"
• The Canadian Press, "Canada-EU free trade deal clears major hurdle with agreement on final text"
• MacCleans, "Why Stephen Harper has reason to celebrate CETA"