Canada and the EU have a long history of economic cooperation. With 28 Member States with a total population of more than €500 million and a GDP of €13.0 trillion in 2012, the European Union (EU) is the second largest domestic market, foreign investors and traders in the world. As an integrated bloc, the EU is Canada`s second largest trading partner in goods and services. In 2008, Canadian exports of goods and services to the EU amounted to CAD 52.2 billion, an increase of 3.9% over 2007, and imports from the EU amounted to $62.4 billion. Negotiations were concluded in August 2014. Proponents argued that creating a free trade area in North America would bring prosperity by increasing trade and production, which would create millions of well-paying jobs in all participating countries.