New Trade Agreement between Canada and the EU
A new trade agreement between Canada and the EU came into force on September, 21 following eight years of negotiations. The EU expects to save its businesses more than € 500 million a year.
The Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada came into provisional application on September 21, and will be fully ratified once the EU Member States have ratified it.
The CETA removes duties on 98 % of products that the EU trades with Canada. The CETA further contains provisions for service trade, public acquisitions, protection of geographical indications and regulatory cooperation, which makes it more extensive than many other trade agreements.
The agreement has been signed by the EU’s member countries and adopted by the EU Parliament. It must further be ratified by all EU Member States on a national level, six of which have already done so (Latvia, Denmark, Malta, Croatia, the Czech Republic and Portugal), before coming into full force.