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).
Canada 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:
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- 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.