Canada and EU sign historic trade agreement
2016-11-01 16:44:45   copyfrom:    hits:

The CETA signed by Canada and the EU will offer new trade and job opportunities to both parties (Image: Ssolbe

The CETA signed by Canada and the EU will offer new trade and job opportunities to both parties. (Image: Ssolbergj /CC BY 3.0)


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Tuesday, November 01, 2016, 00:50 (GMT + 9)


The European Union (EU) and Canada have signed the Comprehensive Economic and Trade Agreement (CETA) and a new Strategic Partnership Agreement that deepens cooperation in vital areas such as human rights, international peace and security, economic and sustainable development, justice, freedom and security.

“Today, the people of Canada and the European Union have opened a new chapter in their relationship. More than half a billion people on both sides of the Atlantic will enjoy new opportunities. For many people, it will mean new jobs and better jobs,” pointed out European Commission President, Jean-Claude Juncker, speaking at his joint press conference with the Canadian Prime Minister, Justin Trudeau, and European Council President, Donald Tusk.

By removing almost all import duties, CETA will allow European exporters of industrial and agricultural goods to save up to EUR 500 million every year.

The agreement protects workers’ rights, environmental standards and consumer safety. European products with geographical indications will enjoy special status on the Canadian market. Governments will retain all of their powers to legislate, regulate and provide public services.

“CETA promotes all of the things that Canadians and Europeans care about, decency in the workplace, our health and safety, our cultural diversity, the quality of the land, sea and air that surround us,” stressed President Juncker.

For his part,  Prime Minister of Canada Justin Trudeau: “The signing of CETA is a historic occasion. This modern and progressive agreement will reinforce the strong links between Canada and the EU, and create vast new opportunities for Canadians and Europeans alike—opening new markets for our exporters, offering more choices and better prices to consumers, and forging stronger ties between our economies.”

A Joint Interpretative Statement with legal status guarantees the good will of both parties, and serves as a guide to the future application of the deal.

A new public system for resolving disputes brings greater transparency, giving investors confidence that rules will be respected at all times. The system enshrines the right of governments to regulate, including when such regulations affect a foreign investment.

By signing the Strategic Partnership Agreement, the EU and Canada have taken their relationship to a new level. The agreement deepens cooperation in vital areas of policy including security, the fight against terrorism, defence, migration, climate change, energy, development, research and innovation.

“Today we have signed two agreements that not only symbolise our commitment to a shared future but also set out a common project that will improve the lives of millions of Canadians and Europeans,” President Juncker stressed.

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