The Canada-European Union Comprehensive Economic and Trade Agreement (CETA) is a free trade agreement that was implemented in 2017. The agreement is designed to increase trade between Canada and the EU by removing tariffs and trade barriers and creating new opportunities for businesses to expand their markets.
The free trade agreement applies to all 28 member countries of the European Union, including the UK (at least until Brexit is finalized). The agreement also covers the following countries: Iceland, Norway, Switzerland, and Liechtenstein.
For Canadian businesses, the CETA provides access to a market of over 500 million consumers, creating new opportunities for growth and expansion. Additionally, Canadian exporters will no longer face the same tariffs and trade barriers they once did when exporting to the EU.
On the other hand, European businesses will benefit from improved access to the Canadian market, with tariffs being eliminated on 98% of products. This will help to increase trade, create jobs, and promote economic growth in both Canada and the EU.
The CETA has been praised for its progressive approach to trade, including provisions for labor rights, environmental protection, and protection of intellectual property. Additionally, the agreement includes a dispute resolution mechanism that allows for grievances to be settled quickly and efficiently.
Overall, the Canada-EU free trade agreement is expected to have a positive impact on both Canadian and European businesses, promoting growth, increasing trade, and improving global economic relations. By removing barriers to trade and fostering cooperation, this agreement serves as a model for international trade in the 21st century.