Eu Canada Free Trade Agreement Text
The Comprehensive Economic and Trade Agreement (CETA) is a free trade agreement between the European Union (EU) and Canada, aimed at creating new opportunities for businesses and consumers on both sides of the Atlantic. With the aim of reducing trade barriers between the two regions, the agreement covers a wide range of sectors, from agriculture to services, and includes provisions on intellectual property rights, government procurement, and sustainable development.
The text of the agreement was finalized in 2016 after seven years of negotiations and was provisionally applied in 2017. The full implementation of the agreement, however, has not been without controversy, as some critics have raised concerns over issues ranging from the protection of workers` rights to environmental standards.
One of the main benefits for businesses is the elimination of tariffs on 98% of all goods traded between the EU and Canada, which is expected to significantly boost trade volumes. The agreement also provides for improved access to Canadian markets for EU service providers, as well as greater protection for EU investors in Canada.
In terms of intellectual property rights, the agreement provides for the protection of geographical indications (GIs) for EU products, such as Champagne and Parmigiano Reggiano, and establishes a system for the mutual recognition of patents.
Critics of the agreement, however, have raised concerns over the possible erosion of labor and environmental standards, as well as the threat that the agreement poses to public services. They argue that the agreement could lead to a race to the bottom in terms of standards, as companies seek to cut costs and maximize profits.
To address some of these concerns, the agreement includes provisions on sustainable development, which aim to ensure that economic growth is accompanied by social and environmental protections. The agreement also provides for the establishment of a Joint CETA Committee, which will oversee the implementation of the agreement and address any issues that may arise.
Overall, the EU-Canada Free Trade Agreement represents a significant step forward in strengthening economic ties between the EU and Canada. While there are certainly concerns that need to be addressed, particularly in relation to labor and environmental standards, the agreement has the potential to create new opportunities for businesses and consumers on both sides of the Atlantic.