What Is the Canadian Free Trade Agreement with Eu

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The Canadian Free Trade Agreement with the European Union, also known as CETA, is a free trade agreement between Canada and the EU that was implemented in September 2017. This agreement is aimed at reducing trade barriers, creating jobs, and promoting economic growth between the two regions.

Under CETA, Canadian businesses can sell their products and services to the European market without paying any tariffs or duties on imports. This gives Canadian businesses a competitive edge and provides them with the opportunity to expand their customer base, increase sales and profits, and create new jobs. Similarly, EU businesses can sell their products and services to the Canadian market on a tariff-free basis.

CETA also gives Canadian and European investors greater certainty and protection when investing in each other`s markets. This means that investors are protected against arbitrary or discriminatory measures, ensuring that they can invest with confidence.

Another key aspect of CETA is its focus on regulatory cooperation and harmonization. This means that Canada and the EU are working together to align their regulations and standards to create an environment that is more conducive to trade. This helps to eliminate unnecessary barriers to trade and reduce costs for businesses looking to expand into new markets.

CETA also includes provisions for labor, environment, and consumer protection. These provisions ensure that all parties are committed to upholding high standards in these areas and that they will not be sacrificed for the sake of trade.

Overall, the Canadian Free Trade Agreement with the European Union is a significant milestone in Canada`s international trade relations. By reducing trade barriers, promoting economic growth, and creating jobs, CETA is benefiting businesses, investors, and consumers on both sides of the Atlantic.

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