Europe and Canada: the new free trade agreement

//Europe and Canada: the new free trade agreement

Europe and Canada: the new free trade agreement

European and Canadian businesses operating in the global market will soon obtain new trade benefits from the “Comprehensive Economic and Trade Agreement” (CETA), an innovative trade agreement made by and between Canada and Europe in October 2016. This agreement, which was approved by the European Parliament on February 15 Th, will go into force upon being ratified by Canada and the European member countries under their respective law.

Main benefits:

  • the 99 % of customs duties on products traded between the EU and Canada will be eliminated, so guaranteeing a saving over €500 million in duties annually;
  • the agreement will introduce a new and efficient procedure for foreign investor-state dispute settlement processes, which will be public and not based on the Tribunals ad hoc;
  • more attention on the field of Intellectual Property: greater protection for pharma patents and more strong IPR enforcement measures.
  • European agricultural and food products (“geographical indications”) distributed in the Canadian market will be majorly protected;
  • easier access to new investment products by Canadian and EU firms in their respective territories and more possibilities to provide specialised services related to maritime operations;
  • a system for recognition of professional qualifications in Canada and EU;
  • more attention on the field of Intellectual Property: greater protection for pharma patents and more strong IPR enforcement measures.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Contact us for a free quote and phone consultation.

Davide Palazzo – Palazzo Law Boutique.

By | 2017-09-08T12:04:20+00:00 July 2nd, 2015|Uncategorized|0 Comments

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