On Thursday, September 21, the Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada entered into force provisionally following its approval by EU Member States, in the European Council, and by the European Parliament.
CETA offers new opportunities for EU businesses of all sizes to export to Canada, removing duties on 98% of products that the EU trades with Canada. It will save EU businesses €590 million a year, while also giving them the best access ever offered to foreign companies to bid for public procurement contracts in Canada.
CETA will create new opportunities for European farmers and food producers, while fully protecting sensitive sectors in the EU. CETA will also protect 143 “geographical indications” for high-quality regional food and drink products from the EU sold in Canada.
The EU’s 500 million consumers will also benefit from CETA. The agreement offers greater choice while upholding European standards, as only products and services that fully respect all EU regulations will be able to enter the EU market. CETA will not change the way the EU regulates food safety; EU Member States will be able to continue to organize public services as they wish.
Cover photo: (c) Chambre de commerce France - Canada