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Expects to lift trade by €12 billion
EU-Canada trade agreement enters into force
On Thursday, 21 September, the Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada enters into force provisionally.
Welcoming this milestone in the EU's trade policy, President of the European Commission Jean-Claude Juncker said: "This agreement encapsulates what we want our trade policy to be - an instrument for growth that benefits European companies and citizens, but also a tool to project our values, harness globalisation and shape global trade rules. This trade deal has been subject to an in-depth parliamentary scrutiny which reflects the increased interest of citizens in trade policy."
"The intense exchanges on CETA throughout this process are testimony to the democratic nature of European decision making and I expect Member States to conduct an inclusive and thorough discussion in the context of the ongoing national ratification processes of the agreement. Now it's time for our companies and citizens to make the most out of this opportunity and for everyone to see how our trade policy can produce tangible benefits for everyone."
Commissioner for Trade Cecilia Malmström said: "Things are about to change for our exporters. The provisional entry into force allows EU companies and citizens to start reaping the benefits of this agreement right away. This is a positive signal for the global economy, with the potential to boost economic growth and create jobs. CETA is a modern and progressive agreement, underlining our commitment to free and fair trade based on values."
"It helps us shape globalisation and the rules that govern global commerce. Moreover, CETA underlines our strong commitment to sustainable development and protects the ability of our governments to regulate in the public interest. This agreement also vastly strengthens our relationship with Canada, a strategic partner and ally with whom we have deep historical and cultural ties."
The provisional application of CETA on 21 September follows its approval by EU Member States, expressed in the Council, and by the European Parliament.
It will only enter into force fully and definitively, however, when all EU Member States have ratified the Agreement. However, according to an impact analysis conducted by the European Commission, CETA should increase trade between the EU and Canada by €12 billion annually.
What will CETA do?
CETA offers new opportunities for EU businesses of all sizes to export to Canada. It will save EU businesses an estimated €590 million a year – the amount they pay in tariffs on goods exported to Canada.
As of 21 September CETA removes duties on 98% of products (tariff lines) that the EU trades with Canada. It also gives EU companies the best access ever offered to companies from outside Canada to bid on the country's public procurement contracts - not just at the federal level but at provincial and municipal levels, too.
The agreement will especially benefit smaller companies who can least afford the cost of the red tape involved in exporting to Canada. Small businesses will save time and money, for example, by avoiding duplicative product testing requirements, lengthy customs procedures and costly legal fees. Member States' authorities dealing with export promotion stand ready to help businesses to start exporting overseas, boost existing trade, and attract investment.
CETA could also create new opportunities for European farmers and food producers, while fully protecting the EU's sensitive sectors. The EU has further opened its market for certain competing Canadian products in a limited and calibrated way, while securing improved access to the Canadian market for important European export products. Those include cheese, wine and spirits, fruit and vegetables, and processed products. CETA will also protect 143 EU "geographical indications" in Canada, high quality regional food and drink products.
For more information:
Tel:+ 32 2 295 61 85
Tel: +32 2 2 295 13 83
Publication date: 9/21/2017
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