The Comprehensive Economic and Trade Agreement (CETA) is a free trade agreement between Canada and the European Union (EU). After years of negotiations, the agreement finally came into force on September 21, 2017.
The CETA agreement aims to eliminate 98% of tariffs between Canada and the EU, making it easier for businesses to trade and invest in each other`s markets. The agreement also includes provisions on intellectual property, labor rights, and environmental protection.
The agreement has been praised by both Canadian and European officials as a win-win for both sides. Canadian companies will have greater access to the EU`s 500 million consumers, while European companies will have greater access to Canada`s 35 million consumers.
However, the agreement has also faced criticism and protests from some individuals and organizations who are concerned about its potential impact on jobs, public services, and the environment. Some fear that the agreement will lead to a race to the bottom in terms of labor standards and environmental regulations.
Despite these concerns, the Canadian and European governments have emphasized the benefits of the agreement and have worked to address some of the criticisms. For example, the agreement includes a mechanism for resolving disputes between investors and states, which has been strengthened to ensure transparency and accountability.
Overall, the CETA agreement represents an important milestone in Canada`s trade relationship with the EU. It is expected to provide a boost to Canada`s economy and to create new opportunities for Canadian businesses to expand their markets. As the agreement is implemented, it will be important to monitor its impact and to continue to address any concerns that arise.