October 30, 2016, marked an auspicious day for the future of trade between Canada and the European Union (EU). That day, leaders on both sides signed the Comprehensive Economic and Trade Agreement (CETA).
Pending approval by the Canadian and European parliaments, over 90 percent of the 1600-page agreement could be provisionally applied by early next year. The provisional application of the deal would include market access provisions, tariff cuts (both immediate and phased-in), and government procurement rules. Full implementation would require ratification by about 40 national and regional parliaments in Europe and may take several more years.
Once fully enforceable, CETA will remove 99 per cent of customs duties between Canada and the EU, with Canada trimming duties off goods originating in the EU to the tune of about 400 million euros.
The 28 EU member countries are:
|Portugal||Romania||Slovakia||Slovenia||Spain||Sweden||United Kingdom (pending Brexit)|
Cole’s Free Trade Agreement (FTA) specialists can help you make sense of – and make the most of – the FTAs that affect your business. If you are an importer of goods from any of the EU countries or an exporter to any of those countries, Cole can work with you to prepare a detailed impact analysis of CETA on your business.
Information provided by: NAFTA & Free Trade Dept. - Cole International
For more Information on CETA, visit the Government of Canada's website.