On september 2017, the Comprehensive Economic Trade Agreement (CETA) came into force. This is the economic and trade agreement between Canada and the European Union. Its goal is to to contribute to the growth of production and employment.
The Agreement supposes:
- Eliminate customs duties
- Make European companies more competitive in Canada
- Facilitate European companies to participate in Canadian public procurement
- Open the Canadian services market to European companies
- Opening markets to European exports of food and beverages
- Protect European traditional foods and beverages (known as geographical indications) against copies
- Reduce the costs of European exporters without lowering the standards
- Benefit small and medium-sized enterprises in the European
- Benefit European consumers
- Facilitate European professionals to work in Canada
- Allow the mutual recognition of qualifications
- Create predictable conditions for European and Canadian investors
- Facilitate investment in Canada by European companies
- Help creative industries, innovators and artists in Europe
- Protect the rights of workers and the environment.
European exports to Canada
According to the European Commission, by 2016, the exports of Europe to Canada summed:
- 35 billion Euros in Products
- 18 billion Euros in Services
Canada is the 10th largest EU business partner and accounts for 2% of the total trade of the Europe Union, while The Europe Union is the 2nd largest partner commercial of Canada and represents 10%of the total trade of Canada.
Among the main exports from Europe to Canada, these were the most important (in the products category):
- Machinery
- Transport equipment
- Chemical Products
- Foods and beverages
- Mineral products
And in the Services category, these were the most important:
- Tours and travel
- Business Services
- IT Services
- Financial Services
70,700 European companies were exporting to Canada by 2016, 79% of them were small business.
Infinitus offers you a wide range of services that will make the process of introducing your products in new markets (whether you want to export from Canada to Europe or vice versa) much easier. Remember that we offer you a Trial Period, so you can have a clear picture of the potential your product or service could have.
SOURCES:
http://ec.europa.eu/trade/policy/in-focus/ceta/
https://www.cbc.ca/news/politics/ceta-anniversary-imports-exports-1.4823822
http://trade.ec.europa.eu/doclib/docs/2017/october/tradoc_156255.pdf