The EU-Canada Comprehensive Economic and Trade Agreement (CETA) has been in effect since September 2017. This free trade agreement has been hailed as a landmark achievement in promoting trade between two economic powerhouses.
CETA eliminates almost all tariffs and provides for open access to both markets. This means that almost all goods and services can be traded between the two sides without paying any additional duties. This is particularly beneficial for the agriculture and food sector, as Canada is one of the leading exporters of agriculture products, such as beef, pork, and wheat.
The agreement also provides for the mutual recognition of professional qualifications, which will enable professionals to work and trade more easily between the two sides. This is beneficial as it allows for the exchange of knowledge and expertise, which can lead to the development of new technologies and the creation of new jobs.
One of the most important aspects of CETA is its commitment to protecting intellectual property (IP). This includes trademarks, copyrights, and patents, which are essential for fostering innovation and creativity. This will help to ensure that companies are rewarded for their innovations and that consumers are protected from counterfeit and pirated goods.
Another key benefit of CETA is the provision for investor-state dispute settlement (ISDS). This mechanism provides investors with recourse to international arbitration in the event of a dispute with a host state. This ensures that investors are protected and can seek a fair resolution of their grievances.
Overall, CETA is a major achievement in promoting free trade and economic cooperation between the EU and Canada. It provides a framework for mutual benefits, job creation, and innovation. It is a testament to the importance of free trade and the benefits of working together to achieve shared goals.