After years of negotiations, the Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union (EU) was signed in 2016 and came into effect in 2017. This agreement is considered as one of the most significant trade agreements between two major economies in recent times. It is expected to increase trade between Canada and the EU, create jobs, and eventually boost economic growth.
Under CETA, over 98% of Canadian products will be allowed to enter the EU duty-free, and Canada will open its markets to over 98% of products from the EU. This agreement will remove trade barriers, eliminate tariffs, and provide greater access to procurement opportunities. It will also make it easier for Canadian businesses to invest in the EU and vice versa.
One of the significant benefits of this agreement is that it will provide Canadian businesses with access to a market of over 500 million people in the EU. This will present new opportunities for Canadian businesses to expand their reach and increase their exports. The agreement will also help to drive innovation and competitiveness, as businesses from both regions will be able to access each other`s resources, knowledge, and expertise.
Additionally, CETA contains provisions related to intellectual property and protection of investments. This will provide greater legal certainty and protection for Canadian businesses operating in the EU. It will also help to ensure that intellectual property rights are respected and enforced, thereby protecting Canadian companies` innovation and creativity.
For consumers, CETA will bring more variety, quality, and lower prices for products and services. This will be especially beneficial for Canadian consumers, as they will have access to a broader range of goods and services from the EU.
Overall, CETA is expected to have a positive impact on both Canada and the EU`s economies. The agreement will provide increased trade opportunities for businesses, increased competition, and lower prices for consumers. It will also help to create jobs and stimulate economic growth. As the Canada-EU relationship continues to grow and strengthen, CETA will play a crucial role in shaping the future of trade between these two major economies.