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Boost for EU-Canada trade

Article Date: 10 November 2014

Five years of negotiations have successfully concluded with the signing of a Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada

Anticipated to create major opportunities across all areas of the economy, the Agreement should boost EU-Canada trade in goods and services by 23% and increase EU GDP by some €12 billion annually.

The EU already accounts for nearly 10% of Canada’s external trade, with the EU’s main exports to Canada being goods such as machinery, transport equipment and chemicals, and a range of services, notably in the transport, travel, insurance and communications sectors.

CETA will eliminate all industrial duties, with the majority being removed as soon as the Agreement enters into force although some sensitive products — including beef, pork, poultry, eggs and dairy — will be protected.

EU companies will be able to bid for public contracts in Canada at all levels of government, and Canada will create a single electronic procurement website providing information on all tenders.

CETA will create more of a level playing-field between Canada and the EU as regards intellectual property rights, and will protect European innovations and agricultural products with specific geographical origins.

EU companies investing outside the EU should benefit as the Agreement includes provisions to improve the investment-to-state arbitration system.
Once signed and approved, the new Agreement will eventually replace eight existing bilateral investment agreements between Canada and individual EU Member States. The text of the Agreement can be seen here.

For any more information please contact Abigail Peake on a.peake@chamberelancs.co.uk or 01254 356473.

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