Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union
On 30 of October took place the Comprehensive Economic and Trade Agreement (CETA) between the European Union and Canada, by which it is liberalized the trading between both territories and its members.
Although it has been agreed that the Agreement enters into force provisionally as of its signature, planned for the beginning of 2017 with the ratifications of the European Union Parliament, it will require the ratification also by national Parliaments of Member States and by the Parliament of Canada, which means in practice that it will still takes time until final approval.
In any case, as is has commented, is established a transitional period in force since the signature of the Agreement during which both territories is commit to liberalize progressively the trade of goods.
Besides other commercial advantages, in respect of customs issues, this Agreement will mean the elimination or suspension of almost all customs duties existing between both territories, according to the annex 2-A of the Agreement that sets the relevant reductions and eliminations.
Some of the main developments that will bring this Agreement in customs matters are:
– It is expected the suspension of around 99% of existing duties between both.
– Certain duties for agricultural, dairy products and meats, are kept, which are especially competitive with products from the EU.
– Elimination of duties in wines and spirits.
– Elimination of customs duties for industrial products.
– Elimination of duties in the agricultural-food sector.