Comprehensive Economic and Trade Agreement

Comprehensive Economic and Trade Agreement
Name	Comprehensive Economic and Trade Agreement
Type	Free trade agreement
Signatories	Canada, European Union
Depositary	European Commission

Comprehensive Economic and Trade Agreement is a free trade agreement between Canada and the European Union, aimed at reducing trade barriers and increasing economic cooperation between the two parties. The agreement was signed on October 30, 2016, in the presence of Justin Trudeau, Donald Tusk, and Jean-Claude Juncker, and it has been provisionally applied since September 21, 2017. The European Parliament approved the agreement on February 15, 2017, with 408 votes in favor, 254 against, and 33 abstentions, while the Canadian Parliament ratified it on May 16, 2017. The agreement has been supported by various organizations, including the Canadian Chamber of Commerce and the European Business Association.

Introduction

The Comprehensive Economic and Trade Agreement is a comprehensive trade agreement that covers a wide range of areas, including tariffs, non-tariff barriers, services, investment, and intellectual property. The agreement aims to increase trade between Canada and the European Union by reducing or eliminating tariffs on most goods, as well as by simplifying customs procedures and reducing regulatory barriers. The agreement has been welcomed by various stakeholders, including the Canadian Federation of Independent Business, the European Association of Craft, Small and Medium-Sized Enterprises, and the International Chamber of Commerce. The agreement is also expected to have a positive impact on the North American Free Trade Agreement and the Transatlantic Trade and Investment Partnership.

History

The Comprehensive Economic and Trade Agreement was first proposed in 2007 by the European Commission and the Government of Canada, with the aim of strengthening economic ties between the two parties. The negotiations were launched in 2009 and were conducted by the European Commission and the Department of Foreign Affairs and International Trade (Canada), with the support of the Canadian Trade Commissioner Service and the European External Action Service. The negotiations involved various stakeholders, including the European Parliament, the Canadian Parliament, and the Provincial and territorial governments of Canada. The agreement was finalized on August 5, 2014, and it was signed on October 30, 2016, in the presence of Justin Trudeau, Donald Tusk, and Jean-Claude Juncker, as well as other dignitaries, including Martin Schulz and Christine Lagarde.

Provisions

The Comprehensive Economic and Trade Agreement includes a wide range of provisions, including the elimination of tariffs on most goods, the reduction of non-tariff barriers, and the simplification of customs procedures. The agreement also includes provisions on services, investment, and intellectual property, as well as on dispute settlement and regulatory cooperation. The agreement has been supported by various organizations, including the Canadian Manufacturers & Exporters, the European Chemical Industry Council, and the International Trademark Association. The agreement is also expected to have a positive impact on the World Trade Organization and the Organisation for Economic Co-operation and Development.

Negotiations

The negotiations on the Comprehensive Economic and Trade Agreement were conducted by the European Commission and the Department of Foreign Affairs and International Trade (Canada), with the support of the Canadian Trade Commissioner Service and the European External Action Service. The negotiations involved various stakeholders, including the European Parliament, the Canadian Parliament, and the Provincial and territorial governments of Canada. The negotiations were also supported by various organizations, including the Canadian Chamber of Commerce, the European Business Association, and the International Chamber of Commerce. The agreement was finalized on August 5, 2014, and it was signed on October 30, 2016, in the presence of Justin Trudeau, Donald Tusk, and Jean-Claude Juncker, as well as other dignitaries, including Angela Merkel and François Hollande.

Implementation

The Comprehensive Economic and Trade Agreement has been provisionally applied since September 21, 2017, and it is expected to be fully implemented in the coming years. The agreement has been supported by various organizations, including the Canadian Federation of Independent Business, the European Association of Craft, Small and Medium-Sized Enterprises, and the International Chamber of Commerce. The agreement is also expected to have a positive impact on the North American Free Trade Agreement and the Transatlantic Trade and Investment Partnership. The implementation of the agreement is being overseen by the European Commission and the Department of Foreign Affairs and International Trade (Canada), with the support of the Canadian Trade Commissioner Service and the European External Action Service.

Impact

The Comprehensive Economic and Trade Agreement is expected to have a significant impact on the economies of Canada and the European Union. The agreement is expected to increase trade between the two parties by reducing or eliminating tariffs on most goods, as well as by simplifying customs procedures and reducing regulatory barriers. The agreement is also expected to have a positive impact on the World Trade Organization and the Organisation for Economic Co-operation and Development. The agreement has been supported by various organizations, including the Canadian Manufacturers & Exporters, the European Chemical Industry Council, and the International Trademark Association. The agreement is also expected to have a positive impact on the G20, the G7, and the Asia-Pacific Economic Cooperation.

Category:Free trade agreements