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Government contracts opened to foreign bidders
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The Canadian Press
Canada and dozens of other industrialized nations have agreed after 14 years of talks to give foreign companies greater access to each others' government procurement contracts.
European Union officials said the agreement was reached after the 27-country EU and Japan ironed out remaining differences early Thursday.
The World Trade Organization estimates that the agreement could add between $80 billion and $100 billion to global trade each year initially, rising to $450 billion once access is expanded to other nations. Currently the deal applies to the EU and 14 other industrialized countries, including the United States and Japan.
Canadian Trade Minister Ed Fast said the agreement was good news for Canadian firms and workers.
"Concluding this negotiation for a new agreement is proof of the value of the multi-lateral trading system and that the WTO is an effective vehicle to combat protectionism," he said in a statement from Geneva released by his office.
It is expected the agreement will be ready to be signed officially by April.
U.S. Trade Representative Ron Kirk said he hoped China would join the group soon.
As part of the agreement, Japan will allow foreign companies to bid for contracts in the $100-million reconstruction of regions hit by this year's earthquake and tsunami.
Fast's office also reported that Canada and other like-minded countries signed a pledge on Thursday committing them to not erect new trade barriers in goods and services inconsistent with WTO rules, and to roll back barriers enacted since 2008.
Other countries that took the pledge include the U.S., EU, Australia, Chile and Thailand.
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