Trade Agreement Between Canada and EU: A Closer Look
Canada and the European Union (EU) have been negotiating a trade agreement since 2009. The Comprehensive Economic and Trade Agreement (CETA) was signed in 2016, making it one of the most comprehensive trade agreements of its kind. It aims to eliminate tariffs on goods and services and open up new markets for Canadian businesses.
CETA is expected to boost Canada`s economy by an estimated $12 billion annually. The agreement covers a wide range of sectors, including agriculture, fishing, energy, manufacturing, and services. It will also create new opportunities for small and medium-sized businesses, which account for over 99% of Canadian companies.
One of the key benefits of CETA is the elimination of tariffs on goods. This will remove barriers to trade and make Canadian products more competitive in the European market. Tariffs on automotive, agriculture, and seafood products will be eliminated immediately, while others will be phased out over time. This is good news for Canadian farmers and fishers, who will have better access to the European market.
CETA also includes provisions to protect intellectual property rights and increase investment. This will give Canadian companies better protection against counterfeiting and piracy, while also encouraging more foreign investment in Canada. The agreement also includes measures to promote sustainable development, improve labor standards, and protect the environment.
Despite the benefits, CETA has faced opposition from some groups. Critics have raised concerns about the impact on workers, the environment, and public services. They argue that the agreement could lead to job losses in certain sectors and give too much power to multinational corporations.
However, supporters of the agreement argue that CETA will create jobs and economic growth in Canada, while also promoting sustainable development and protecting the environment. They also note that Canada and the EU share similar values and standards, making it easier to work together on issues such as climate change and human rights.
In conclusion, CETA is a significant trade agreement between Canada and the European Union that has the potential to create economic growth and new opportunities for Canadian businesses. While there are concerns about the agreement, it is clear that it represents a major step forward in Canada`s international trade relations and will help to strengthen ties with the EU.