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Canada Legislates For Honduran Trade Deal

by Mike Godfrey, Tax-News.com, Washington

31 January 2014


98 percent of tariff lines will be duty free once Canada's trade deal with Honduras enters into force.

The Canadian Government has introduced legislation to parliament that will implement the agreement, signed in November. It includes enhanced provisions on market access for goods, cross-border trade in services, investment, and government procurement.

Key sectors expected to benefit immediately from better market access include agriculture, professional services, value added food processing and manufacturing. Commodity and resource-based industries will also be able to take advantage of the treaty.

Bilateral merchandise trade has grown by 46 percent since 2007. In 2012, Canada's goods exports to Honduras were worth CAD38.6m (USD34.5m), with agricultural goods accounting for CAD3.3m of the total.

The restored access to beef and pork permitted by the deal are expected to have a combined market value of between CAD5m and CAD7m a year.

Commenting on the legislation, Canada's International Trade Minister Ed Fast said: "Our Government understands that trade and investment are the twin engines of the global economy that lead to more growth, the creation of good jobs and greater prosperity. That's why we continue to open new markets for our exporters around the world. In Latin America alone, Canada now has six free trade agreements in place, and these agreements with Honduras will further strengthen Canada's economic relationships in the region."

TAGS: tax | investment | accounting | tariffs | trade treaty | food | agreements | manufacturing | legislation | Canada | trade | Honduras | services

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