The free trade agreement between the EU and Canada has been officially signed in Brussels. "This is an important step forward towards free and fair world trade with high consumer and environmental standards," said federal government spokesperson Steffen Seibert via Twitter.
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The Comprehensive Economic and Trade Agreement (CETA) between the European Union and Canada has been signed. Canada’s Prime Minister Justin Trudeau, European Council President Donald Tusk, European Commission President Jean-Claude Juncker and Slovakia’s Prime Minister Robert Fico signed the agreement at a ceremony in Brussels.
"All’s well that ends well," commented European Commission President Jean-Claude Juncker as he welcomed the Canadian Prime Minister Justin Trudeau to Brussels. The President of the European Parliament Martin Schulz declared that it was a good day for the European Union and for Canada, and said that CETA will now set the standard for all future agreements. On Twitter, federal government spokesperson Steffen Seibert commented, "This is an important step forward towards free and fair world trade with high consumer and environmental standards."
CETA: Comprehensive Economic and Trade Agreement
The EU and Canada negotiated the terms of the Comprehensive Economic and Trade Agreement (CETA) between 2009 and 2014. It is intended to help reduce existing customs duties and improve access for both sides to markets for goods and services. The European Parliament and the European Council still have to approve the agreement. Then the process of ratification can begin in member states.
CETA is an important contribution to economic development in Europe and in Canada. EU-based companies will gain access to public procurement contracts in Canada, and to services and investment markets. This can secure and create a large number of jobs.
Agreements like CETA give Europeans the opportunity to make globalisation a positive force. It is synonymous with global trade governed by sustainable rules and high social and environmental standards.
CETA offers the EU and its member states huge advantages: the agreement will do away with practically all customs duties, saving European exporters up to 470 million euros a year. EU-based businesses will also be granted easier access to public procurement contracts in Canada and to Canada’s markets for services and investment.
CETA for the first time anchors modern investment protection with transparent, public investment courts. In the social and environmental sectors it protects European and Canadian standards – from regional specialities to basic public services and cultural diversity.
Once the agreement is signed, the ratification process will begin at national level. In Germany the agreement must be ratified by the German Bundestag with the participation of the Bundesrat or second chamber of the parliament.