Today marks a historic moment for Canadian business as the world’s most modernized trade deal, the Canada-EU Comprehensive Economic and Trade Agreement (CETA), comes into force.
Once fully implemented, CETA will eliminate tariffs on more than 99% of all goods that we trade to participating European nations. The progressive agreement will also break down barriers such as temporary travel restrictions and foreign investor risks, while addressing environmental protections.
Canadian business, especially, stands to benefit. CETA will not only open up investment and job creation opportunities here at home, it was also give Canadian businesses access to the world’s second largest market of more than 500,000 million people. One joint study by the European Commission and Government of Canada forecast the deal will inject more than $12 billion in new revenue into the Canadian economy and enhance bilateral trade by 20%.
As owners seek to diversify their exports amid NAFTA negotiations and uncertainties south of the border, CETA offers Canadian companies new prospects abroad. It also ensures the European Union’s continued economic strength in the current economic context. Despite protectionist ideals that have risen around the globe, CETA is a testament to the power of free trade, setting a standard for future modernized agreements elsewhere in the world.
On both sides of the Atlantic, we can look forward to a more open, fair and modernized way of doing business today, and for many years to come.