Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites.
Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. For avoidance of any doubts and to make it easier, you may consider any links to external websites as sponsored links. Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

EU AND CANADA SIGN AGREEMENT FOR STRENGTHENING TRADE AND INVESTMENTS

The EU-Canada summit which took place in Ottawa in September has successfully closed the long standing negotiations betweenregarding a Comprehensive Economic and Trade Agreement (CETA).

S&ACanada seems to be one of the most advanced non-European countries with which the EU has ever negotiated a trade agreement up to date. Canada, an important destination for European investment and a country rich in natural resources, has a wealth of benefits to offer to the EU.

One of the most significant opportunities expected from CETA is the growth of inter EU-Canadian trading with goods and services, which is expected to rise by 23% upon implementation of this agreement hencestrengthening EU GDP by about €12 billion per year.

There are numerous benefits for the economy of both Canada and the EU deriving from CETA, includingthe following:

  • An end tocustoms duties saving European exporters around €470 million/ year; also nearly 92% of EU agriculture and food products will be exported to Canada duty-free;
  • EU companies will be able to bid for public contracts in Canada at all levels of government;
  • Technical barriers to tradewill improve transparency and develop closer ties between the EU and Canada in the field of technical regulations; both sides also agree to strengthen links between the relevant standard setting bodies;
  • Protectionof European innovations and agricultural products from a specific geographical origin which is also relevant to Cypriot traditional products;
  • New opportunities for European companies by creating access to the Canadian market in key sectors such as financial services, telecommunications, energy and maritime transport;
  • Promotion and protection of investment under the Lisbon Treaty; the agreement ensures that all European investors in Canada are treated equally and fairly.

The text of the agreement is currently being reviewed at an EU-legal level and translated into all EU official languages. Subsequently, it will be sent to the Council for authorization for signature. Final step will be the consent vote in the European Parliament.