Canada and the European Union (EU) have had a long-standing relationship, which has been reinforced by the signing of the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) in 2016. This agreement is one of the most comprehensive free trade agreements ever signed by either party and covers a wide range of areas, including trade in goods and services, investment, intellectual property, competition policy, and sustainable development.
One of the main objectives of CETA is to remove tariffs and trade barriers between Canada and the EU, which will make it easier for Canadian businesses to sell their goods and services in the EU and vice versa. This is expected to boost economic growth and create jobs on both sides of the Atlantic.
Under the agreement, Canada has also committed to providing greater market access for EU agricultural products, such as cheese and wine, and has agreed to protect the names of certain EU agricultural products, like Parmigiano Reggiano and Champagne. This means that only producers in certain regions of the EU will be able to use these names on their products, which will help protect the value of these brands and prevent imitations.
CETA also includes provisions for protecting intellectual property rights, which will help protect Canadian and EU businesses from counterfeiting and piracy. The agreement also includes provisions for regulatory cooperation, which will help streamline the process for businesses to get their products approved for sale in both Canada and the EU.
Furthermore, CETA contains a chapter on sustainable development, which commits both Canada and the EU to promote and protect environmental and labour standards. This is a very important part of the agreement and reflects the shared values of both Canada and the EU.
In conclusion, the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) is a very important agreement for both Canada and the EU. It will remove tariffs and trade barriers, boost economic growth and create jobs, and protect intellectual property rights. The agreement also includes provisions for sustainable development and reflects the shared values of both Canada and the EU.