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The aim of this thesis is to survey the current cooperation between the European Union and Canada and its future development and thus answer the question of whether the current situation with respect to the planned legislative and institutional steps presents a suitable framework for realisation of business activities in these economies. The thesis is focused on, from my point of view, crucial and most discussed issues of mutual cooperation in the field of business, commerce and investment. None the less important levels of collaboration, such as education, science and research, energy and cooperation in safety and peace matters cannot be neglected, either. These areas do not stand in the centre of the thesis, however, their inclusion completes the overall image of the complexity of bilateral relations between the European Union and Canada.