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Canada Welcomes Provisional Application Of CETA

by Mike Godfrey, Tax-News.com, Washington

25 September 2017


Canada's International Trade Minister has hailed the provisional entry into force of the Comprehensive Economic Trade Agreement (CETA) with the EU, a deal he described as "the gold-standard in progressive trade."

CETA is being provisionally applied as of September 21.

In a speech marking the occasion, Francois-Philippe Champagne said the agreement marks a new chapter in EU-Canada relations. He said: "As of today, 98 percent of tariff lines between Canada and the EU will be duty free. More than 9,000 tariff lines are duty-free. As of today, Canadians have access to a market of more than 500 million consumers and a procurement market worth a staggering CAD3.3 trillion."

Tariffs on an additional one percent of lines will be eliminated over a seven-year phase-out period.

According to Champagne, CETA "demonstrates that we can set the terms for a more fair and progressive global trade agenda where the middle class can see themselves competing and winning on the global stage."

CETA will be brought fully into force once it has been ratified by all EU member states.

TAGS: investment | free trade agreement (FTA) | export duty | tariffs | trade treaty | investment treaty | agreements | Canada | import duty | trade | European Union (EU) | Europe

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