What is the Comprehensive Economic and Trade Agreement (CETA)?
Preparing Windsor-Essex Businesses for CETA
The Canada and European Union (EU) Comprehensive Economic and Trade Agreement (CETA) is a high quality agreement that reinforces Canada’s fundamental relationship with the European Union. CETA covers all aspects of our broad trading relationship with the EU, including goods, services, investment, government procurement and regulatory cooperation.
On day one of the treaty ratification, 98% of the 9000 tariffs that are currently imposed by the EU on Canadian businesses will be lifted - is your company positioned to take advantage of the 28 billion euros in new business? Canada will be one of the only developed countries in the world to have guaranteed preferential access to the more than 800 million consumers in the world’s two largest economies, the EU and the United States. With 28 member states, 500 million people and annual economic activity of almost $18 trillion, the EU is the world’s largest economy. It is also the world’s largest importing market for goods: the EU’s annual imports alone are worth more than Canada’s GDP. Preferential access to this market offers tremendous opportunities and a real competitive edge for Canadian workers, businesses, exporters and investors. As a fun fact, did you know that only 28% of all NAFTA tariffs were lifted on day one of ratification of the treaty? Food for thought!
We are all very familiar with the richness and diversity of Canada's primary sectors (that is, sectors that make direct use of natural resources). We also know that manufacturing— including sectors like the automotive and chemicals and plastics industries—touches every part of the Canadian economy. There are also significant manufacturing interests even within the primary sectors—interests such as agri-food, nutraceuticals, forest products, fish and seafood, and metal fabrication, to name just a few. The Canada-EU trade agreement will provide benefits for all of these manufacturing sub-sectors and for every hard-working Canadian employed in them. Tariffs on almost all Canadian primary products will be eliminated when the agreement comes into force. Equally important to our economy’s health and well-being is the fact that tariffs on manufactured products will also be eliminated. (Canada Foreign Trade).
To learn more about CETA:
For more information, contact:
Director, Business Attraction
WindsorEssex Economic Development Corp.
Tel: 519-255-9200 x2236