Canada and the European Union have reached an "agreement in principle" on a free-trade deal that would mean the removal of many tariffs and greater trade in goods and services between Canada and the 500 million people of the EU.

The deal is expected to remove 98 per cent of tariffs on imported and exported goods as soon as it comes into force, which is not expected to happen for at least two years.

Canadian exports affected include: passenger cars, auto and aerospace parts, medical and IT equipment, chemicals and plastic products, fresh and frozen fruits and vegetables, processed foods, grains and oils, dairy products, forest and lumber products, shrimp, lobster, metals, minerals, iron and steel.

Imports from Europe that would see tariffs eliminated include: automobiles, industrial machinery, wine and spirits, some cheeses, fish and seafood products and many others.

Here's a look at more numbers, from Canadian and EU documents and briefings, related to what both sides have called a "historic" deal:

35 million: Population of Canada.

500 million: Population of European Union.

28: Number of countries in the European Union.

$17 trillion: EU's current annual GDP, the measure of its economic activity.

$1.8 trillion: Canada's current annual GDP.

$12 billion: What the Harper government expects in added GDP for Canada annually.

$16.3 billion: What the EU expects in annual GDP gains for Europe.

$1.5 billion: Annual value of increased agricultural exports expected by Canadian producers.

$700 million: What the EU expects in annual tariff savings (and what Canada would lose in duties).

20 per cent: The government's estimated increase in bilateral trade as a result of the deal.

29,000 tonnes: EU cheese allowed into Canada tariff-free annually, up from 13,000, once fully implemented.

65,000 tonnes: Annual quota for Canadian beef in Europe, up from 15,000, once fully implemented.

75,000 tonnes: Annual quota for Canadian pork, up from 6,000, once fully implemented.

100,000: Number of cars Canadian automakers will be able to export a year, 12 times the current limit.

2 years: Extension of drug patents for brand-name pharmaceuticals.

24: Number of languages into which the agreement must be translated.

5 years: Time elapsed since initial study of a trade deal began.

2 years: Expected length of time before deal is ratified.

Corrections

  • This story has been edited from an earlier version that incorrectly stated Canada's population as 33 million. In fact, it is 35 million.
    Oct 18, 2013 2:00 PM ET