A Canada-EU free trade deal would create a huge trade deficit for Canada, resulting in the loss of up to 150,000 Canadian jobs, says a study released today by the Canadian Centre for Policy Alternatives (CCPA).

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The study, by CAW economist and CCPA Research Associate Jim Stanford, models three scenarios to provide a range of estimates regarding the likely impacts of EU-Canada free trade. In every case, Canada’s bilateral trade balance worsens significantly. The simulations suggest an incremental loss of between 28,000 and 150,000 Canadian jobs.

“Enhancing Canadian exports and diversifying export markets away from the U.S. are important economic policy goals for Canada,” says Stanford. “But merely signing another free trade agreement-even with a partner as important as the EU-has no chance of achieving either goal.”