The Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union (EU) is a free trade agreement that has been in force since September 2017. This agreement is aimed at promoting free trade, investment and economic growth, and provides a framework for cooperation in various areas such as services, intellectual property, and government procurement.
One of the key features of the CETA is the elimination of tariffs on most goods traded between Canada and the EU. This has resulted in increased market access for Canadian exporters, particularly in the agriculture, seafood, and forestry sectors. In addition, the agreement has opened up new opportunities for Canadian companies to bid on government procurement contracts in the EU.
The CETA also includes provisions for the protection of intellectual property rights, making it easier for Canadian companies to protect their trademarks, patents and copyrights in the EU. This is particularly important for businesses in industries such as pharmaceuticals and technology where intellectual property is a key asset.
Another benefit of the CETA is the mutual recognition of professional credentials. This means that professionals in fields such as architecture, engineering, and accounting can now have their credentials recognized in both Canada and the EU. This makes it easier for them to work and do business in both regions.
Overall, the CETA is a significant agreement that has strengthened economic ties between Canada and the EU. Its implementation has resulted in increased trade and investment, as well as job creation and economic growth. As Canada continues to diversify its trade partnerships, the CETA will remain an important tool for Canadian businesses looking to expand their reach into the European market.