Canada-European Union (Eu) Comprehensive Economic and Trade Agreement

The Canada-European Union (EU) Comprehensive Economic and Trade Agreement (CETA) is a free trade agreement between Canada and the European Union. It came into force in September 2017 and is seen as one of the most comprehensive trade agreements in the world. The agreement eliminates tariffs on many goods and services and opens up markets on both sides of the Atlantic Ocean.

One of the key benefits of CETA is increased trade between Canada and the EU. The agreement removes tariffs on 98% of Canadian goods entering the EU and 99% of EU goods entering Canada. This will help to lower prices for consumers and increase profits for businesses. According to the Canadian government, the benefits of CETA could add up to $12 billion to Canada`s economy over the next 10 years.

Another benefit of CETA is increased access to government procurement markets. Both Canada and the EU have agreed to open up their government procurement markets to each other, creating new opportunities for Canadian and European businesses to bid on government contracts. This will help to create new jobs and boost economic growth on both sides of the Atlantic.

CETA also includes provisions on intellectual property, labour standards, and environmental protection. These provisions ensure that both Canada and the EU maintain their high standards in these areas. For example, CETA includes provisions that protect the rights of copyright holders and ensure that patent disputes are resolved fairly. It also includes provisions that protect workers` rights and ensure that environmental standards are maintained.

In addition, CETA includes a dispute resolution mechanism known as the Investment Court System (ICS). The ICS ensures that disputes between investors and states are resolved in a fair and transparent manner. This helps to ensure that investors have confidence in the legal framework of the agreement and encourages investment between Canada and the EU.

In conclusion, CETA is an important trade agreement between Canada and the EU. It opens up new opportunities for trade, creates jobs, and boosts economic growth on both sides of the Atlantic. The agreement also includes important provisions on intellectual property, labour standards, and environmental protection, as well as a dispute resolution mechanism that ensures fairness and transparency. Overall, CETA is a win-win agreement that benefits both Canada and the EU.