Date Set for Provisional Application of EU-Canada Trade Agreement
Canada and the European Union have announced that September 21st will be the date that the provisional application of Comprehensive and Economic and Trade Agreement (“CETA”) will come into effect. Canadian Prime Minister Justin Trudeau and EU president Jean-Claude Juncker issued the statement after the G20 Summit on July 8th. The agreement will be “provisionally” applied until all member states have held ratification votes, but 98% of the deal will go into effect on September 21. The deal will drop barriers between the economies of the European Union and Canada. Trade between the two sides amounts to more than 60 billion euros ($88 billion Cdn) a year, and the EU expects CETA to boost this by 20 per cent by removing almost all tariffs. For companies that manufacture and sell in the EU and Canada, CETA is a great opportunity for customs duty savings.