Canada-EU Trade Agreements: Boosting Trade Relations
Canada and the European Union (EU) have a long-standing trade relationship, with trade between the two regions amounting to billions of dollars annually. The two regions have been committed to strengthening their economic ties through several trade agreements over the years. These agreements have opened up new opportunities for businesses to expand their reach, creating jobs and boosting economic growth.
The Comprehensive Economic and Trade Agreement (CETA) is one such agreement that has taken Canada-EU trade relations to new heights. The deal was provisionally implemented in September 2017 and has since increased trade between the two regions by over 20 percent. Businesses of all sizes have benefited from CETA, which has eliminated tariffs on almost all goods traded between Canada and the EU.
CETA has also granted Canadian businesses access to the EU`s procurement markets, making it easier for companies to bid on government contracts in EU countries. In addition, the agreement has facilitated the recognition of professional qualifications, allowing Canadian professionals to work in the EU without having to requalify or undertake additional training.
Furthermore, CETA has streamlined customs procedures, reducing the time and costs of trading between Canada and the EU. The agreement has also put in place measures to protect intellectual property and uphold labor and environmental standards.
CETA has opened up new markets for Canadian businesses, with the EU being the world`s largest single market. Canadian exports to the EU have increased significantly since the agreement came into force, particularly in sectors such as agriculture, pharmaceuticals, and information technology. Canadian businesses can now also take advantage of the EU`s simplified rules of origin, which allows goods to be imported into the EU duty-free provided they contain a certain percentage of Canadian components.
In conclusion, Canada-EU trade agreements have played a crucial role in strengthening trade relations between these two regions. CETA has removed barriers to trade, making it easier for businesses to expand their operations and grow their revenues. As Canada and the EU continue to work towards creating a more seamless trading environment, businesses can look forward to new opportunities for growth and success.