*USMCA/CUSMA replaced NAFTA on July 1st, 2020. Read More...
We all know about NAFTA… It’s undergoing its own renegotiation at this very moment, and the trade community needs to continue to keep an eye on what’s happening with NAFTA.
But if you have wondered about life beyond NAFTA, you’re not alone! We’ve heard Canadian exporters ask…
- What other Free Trade Agreements (FTAs) do we have?
- How can FTAs benefit me as an exporter?
- How do I know if the goods I’m exporting qualify for FTAs?
- What’s involved in making use of those FTAs?
- Is it a lot of work?
Currently, Canada has FTAs in place with dozens of other countries. Here’s a sampling: Chile, Colombia, Costa Rica, Iceland, Israel, Honduras, Jordan, Korea, Liechtenstein, Norway, Panama, Peru, Switzerland, Ukraine and the entire European Union.
Benefits of FTAs
FTAs allow you to expand your markets and access more competitive pricing. When the proper conditions are met, clients in an FTA country will pay reduced or no duty on goods purchased from you. And, with some duty rates as high as 25% – this is a big deal!
Having more competitive pricing can help you gain market share in FTA partner countries. And ultimately, an increase in sales will make your company more successful!
Some FTAs, such as CETA (a relative newcomer, signed between Canada and the EU, and implemented this summer), even allow opportunities to compete for business in government procurement markets.
Make the most of those benefits
Each trade agreement has unique requirements that need to be met in order for exporters and importers to access their benefits.
But not all products traded between FTA partners will qualify for a lower duty rate. So how do you know if yours do?
We can help!
You want to access all the FTA benefits available to you. But you may not have the time and resources in-house to complete a thorough review of all your products to determine their eligibility.
We can help ease your mind and give you the assurance that you won’t miss any opportunities to access these benefits. Our Free Trade Agreement professionals can help you make the most of FTAs by gathering the information and documents needed to enable your trade with all FTA partner countries.
Email us today to find out how our Consulting Department can help optimize your business in today’s global economy.
Information provided by: NAFTA & Free Trade Dept. - Cole International