Does Canada Have a Free Trade Agreement with Europe
Canada has long been a leader in international trade, forging relationships and agreements with countries around the world to facilitate the movement of goods and services across borders. One of the most important trade agreements that Canada has entered into in recent years is the Comprehensive Economic and Trade Agreement (CETA) with the European Union (EU).
CETA is a free trade agreement between Canada and the EU that was provisionally implemented in September 2017. The agreement aims to increase trade and investment between Canada and the EU by eliminating tariffs on a wide range of goods and services, reducing regulatory barriers, and making it easier for businesses to access markets on both sides of the Atlantic.
Under CETA, almost all tariffs on traded goods have been eliminated immediately upon the agreement coming into effect, with the exception of a few sensitive sectors such as agriculture and automobiles. Over time, these tariffs will also be phased out, providing additional opportunities for Canadian businesses to compete in the European market.
In addition to reducing trade barriers, CETA also includes provisions to protect intellectual property, improve access to government procurement opportunities, and promote sustainable development and labor rights. These provisions are designed to ensure that the benefits of the agreement are spread broadly across both Canadian and European societies.
Overall, CETA represents a significant step forward in the relationship between Canada and the EU, and is expected to generate substantial economic benefits for both sides. By creating a more open and integrated market, the agreement will help to boost trade, create jobs, and increase economic growth in Canada and across Europe.