Canada-European Union Comprehensive Economic and Trade Agreement (CETA)
The Canada-European Union Comprehensive Economic and Trade Agreement (CETA) is a bilateral trade agreement between Canada and the European Union that upholds and promotes the values that Canada shares with the EU.
Canada-European Comprehensive Economic and Trade Agreement (CETA) was modified with the use of the special program code of CUKTCA (for the Agreement on Trade Continuity between Canada and the United Kingdom of Great Britain and Northern Ireland) and EU-CETA (Canada-European Union Comprehensive Economic and Trade Agreement) since 1st April 2021. Business visitors under CETA include key personnel like intra-company transferees, investors, and business visitors for investment purposes; contractual service suppliers and independent professionals; and short-term business visitors.
CETA offers the best in international trade agreements and sets the protocols for trade in goods and services, non-tariff barriers, investment, government procurement, and other areas like labour and the environment. CETA enables creation of jobs, strengthening economic relations and boosting Canada’s trade with the world’s second-largest market of the European Union. Prior to the CETA agreement, only 25% of EU tariff lines on Canadian goods were duty-free but after CETA came into force, 98% of EU tariff lines have now become duty-free for Canadian goods. The European Union and Canada have been working together to simplify the customs procedures and ensure more clarity to reduce the processing times at the border. this enables faster and easier movement of goods between countries. CETA also allows the Canadian companies to bid on opportunities at different levels of government in the European Union and have access to a potential estimated annual business of $3.3 trillion. It also facilitates greater protection and stability for potential investors.