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New trade agreement between EU and Canada enters into force

Europe
21.09.2017
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Brussels (dpa) - A new trade agreement between the European Union and Canada entered into force on Thursday, eight years after the first negotiations began.

The Comprehensive Economic and Trade Agreement (CETA) removes duties on 98 per cent of products that the EU trades with Canada.

Since some national parliaments still must approve CETA before it can take full effect, it has entered into force provisionally.

According to EU figures, the value of trade in goods between the EU and Canada was 64.3 billion euros (76.62 billion dollars) in 2016.

Machinery, transport equipment as well as chemical and pharmaceutical products are the top three categories of products which the EU and Canada export to each other, according to 2016 figures.

The EU has since struck a deal with Japan and is pursuing similar agreements with Mexico and the Mercosur countries.

 

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