The European Union (EU) and Canada have signed Comprehensive Economic and Trade Agreement (CETA), a landmark trade deal.
The deal was signed by Canadian Prime Minister Justin Trudeau and top European Union officials in Brussels, Belgium. Now all 28 European Union states are required to endorse it.
What is Comprehensive Economic and Trade Agreement (CETA)?
- CETA is a free free-trade agreement (FTA) between Canada and the EC. It aims to revoke roughly 9,000 tariffs, covering many industrial goods and agricultural and food items.
- It links single European Union market with Canada, world’s 10th largest economy. It will add around €11.6 billion to the EU economy and around €8.2 billion to Canada’s economy
- It also promises to open up competition and cooperation in the services sector ranging from regulations, to financial services, and telecoms.
- It remove customs duties, open-up the services market, end restrictions on access to public contracts, offer predictable conditions for investors and help prevent illegal copying of EU innovations and traditional products.