On Thursday, 21 September, the Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada enters into force provisionally.
CETA offers new opportunities for EU businesses of all sizes to export to Canada. It will save EU businesses 840 million CAD (€590 million) a year – the amount they pay in tariffs on goods exported to Canada. As of 21 September CETA removes duties on 98% of products (tariff lines) that the EU trades with Canada. It also gives EU companies the best access ever offered to companies from outside Canada to bid on the country's public procurement contracts - not just at the federal level but at provincial and municipal levels, too.
The agreement will especially benefit smaller companies who can least afford the cost of the red tape involved in exporting to Canada.
CETA will create new opportunities for European farmers and food producers, securing improved access to the Canadian market for important European export products. Those include cheese, wine and spirits, fruit and vegetables, and processed products. The agreement also offers better legal certainty in the service economy, greater mobility for company employees, and a framework to enable the mutual recognition of professional qualifications, from architects to crane operators.
CETA is opening up a wealth of opportunities for people in Slovakia by:
- Scrapping customs tariffs for Slovak exporters and importers;
- Opening up the Canadian services market to Slovak firms;
- Enabling Slovak firms to bid for more public contracts in Canada;
- Protecting Slovakia's research and creativity;
- Making it easier for Slovak professionals to work in Canada;
- Encouraging more investment between Slovakia and Canada;
- Helping Slovakia's small businesses export more to Canada.
Canada is Slovakia's 14th biggest trade partner outside the EU:
The value of Slovakia's trade surplus in goods and services with Canada is 153 m CAD (€104 m)
The value of Slovak exports to Canada is 275 m CAD (€187 m)
The value of Slovak imports from Canada is 122 m CAD (€83 m)
CETA will bring big savings on customs duties by eliminating duties on 98% of all
tariff lines. Slovakia will benefit from tariffs being removed on virtually all of its exports, in particular:
Motor vehicles and parts: Slovak exports to Canada: 176 m CAD (€120 m) (2015)
Machinery and electrical equipment: Slovak exports to Canada: 34 m CAD (€23 m) (2015)
Furniture: Slovak exports to Canada: 7 m CAD (€5 m) (2015)
Rubber and articles made of rubber: Slovak exports to Canada: 4.5 m CAD (€3 m) (2015)
Slovak services exports to Canada: 31 m CAD (€21 m) (2015), main services exports to Canada are: tourism and telecommunications
Slovak services imports from Canada: 20.5 m CAD (€14 m) (2015)
With CETA, Slovak companies will get access to Canada's large public procurement market. Slovak companies will have the opportunity to bid to supply goods and services for tenders at all levels of government in Canada (federal, provincial and municipal).
CETA will improve and secure Slovak companies’ access to the Canadian services market. For example in the professional services sector, Canada has removed a number of limitations on citizenship and residency conditions for Slovak professionals to practice in Canada. This applies to:
Now it is time for companies in Canada and in the Slovak Republic to seize this opportunity and make our countries even more prosperous.
Information from the Press release from the European Commission compiled by Paul Carnogursky
More details at http://europa.eu/rapid/press-release_IP-17-3121_en.htm