The Canada European Trade Agreement (CETA) agreement has finally been signed by Prime Minister Trudeau, European Council President Donald Tusk and European Commission President Jean-Claude Juncker
The 16,000 page agreement took 7 years of negotiation; however the recent signing will only require approval by the Canadian and European parliament which should allow for a more expedient path
to implementing the agreement. As a result, speculation is that we could see the new agreement implemented in 2017.
When the agreement comes into force we should also see 98% of negotiated terms under the agreement implemented and an additional one percent will be eliminated gradually over a seven-year period. Tariff elimination will provide enhanced export opportunities into the EU market for Canadian producers, processors, and manufacturers, as well as for agricultural and agri-food products, fish and seafood, forestry goods, and the full range of industrial goods.
Tariffs that will be subject to a phasing out by the EU will include, for example, those on some fish and seafood products, grains, and passenger vehicles. Once CETA is fully implemented, seven years after entry into force, approximately 99 percent of the EU’s tariff lines will be duty-free.
The full Text of the Comprehensive Economic and Trade Agreement – Table of contents is available on Global Affairs website here.
In addition, Global Affairs Canada provides further information here.