A major new trade deal between Canada and the European Union (EU) could be signed this fall. Called the Comprehensive Economic and Trade Agreement (CETA), the agreement would benefit each trading partner by:
- creating a “level playing field” for Canadian and EU businesses
- eliminating many Customs duties
- allowing “conformity assessment”, which means each trading partner will accept product testing done by the other partner
CETA also contains provisions to:
- protect labour rights and the environment
- make resolution of trade disputes fairer and more transparent
Ratification is expected at the next Canada – EU summit, which will take place in October.
For more information, contact Brian Rowe, General Manager – Customs Consulting Services.