The world’s largest free trade agreement is now in effect

The Canada-European Union Comprehensive Economic and Trade Agreement (CETA) will create jobs, strengthen economic relations and boost Canada’s trade with the world’s second-largest market. CETA is a progressive free trade agreement which covers virtually all sectors and aspects of Canada-EU trade in order to eliminate or reduce barriers. For example, prior to CETA’s entry into force, only 25 percent of EU tariff lines on Canadian goods were duty-free. Upon CETA’s entry into force, the EU will remove tariffs on 98 percent of its tariff lines. Once CETA is fully implemented, the EU will have eliminated tariffs on 99 percent of its tariff lines.

Benefits of CETA

Examples of some of the benefits of CETA include:
· Elimination of tariffs on fish and seafood production, providing unprecedented access to the world’s most lucrative fish and seafood market;
· Elimination of tariffs on metal and mineral products creating new opportunities to export Newfoundland and Labrador’s considerable natural resources; and
· Tariff relief for manufacturers, as well as for businesses that provide forestry and wood products.

In the coming weeks, the Provincial Government will lead a series of information sessions to highlight the opportunities for local businesses to expand their reach into the European Union.

“Newfoundland and Labrador’s business community relies heavily on trade and greater access to the European Union will create exciting possibilities for economic growth. Our government is a partner of business and we are fully committed to working with local companies to help them capitalize on new opportunities and support job creation” said the Honourable Dwight Ball, Premier of Newfoundland and Labrador.

Honourable Christopher Mitchelmore, Minister of Tourism, Culture, Industry, and Innovation said, “With the implementation of CETA today, our province is able to take advantage of the opportunities that this trade agreement brings, including significant reductions in tariffs on exports. The EU is Canada’s second-largest trade and investment partner and for important Newfoundland and Labrador sectors including fish, agriculture, and forestry, CETA offers significant new opportunities for growth and to move towards more value-added production. Our department is eager to work with businesses in our province to take advantage of these opportunities.”

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Canada-European Union Comprehensive Economic and Trade Agreement (CETA)