September 21, 2017, CANADA, EUROPEAN UNION, The provisional first stage of the oft-delayed Comprehensive Economic and Trade Agreement, the massive deal between Canada and the European Union known as CETA, becomes operational after almost a decade of preparatory work and negotiations.
The first stage of the agreement signed on Oct 30, 2016 covers 98 per cent of the tariffs. The agreement now goes to the parliaments of EU member states for ratification.
CBC explains that CETA will drop barriers between the EU's economy of half a billion people and Canada's of 35 million. Trade between the two sides amounts to more than 60 billion euros (Cdn $88 billion) a year, according to the Canadian broadcaster, and the EU expects CETA to boost this by 20 per cent by removing almost all tariffs. Most of CETA was supposed to be provisionally applied by Jul 1, according to CBC, but it snagged on a dairy dispute.
CETA will be a significant accomplishment in the face of growing populist and anti-globalization movements that have caused the collapse of the Trans-Pacific Partnership Agreement (TPP) and are threatening progress on other ambitious agreements.
Canada, EU to provisionally apply CETA in September (CBC Jul 2017)
We are ready': Canada-Europe trade deal set to kick in, mostly, by July 1
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