Kelowna-Lake Country MP Stephen Fuhr says the new free trade agreement between Canada and the European Union will be provisionally applied starting tomorrow (Sept. 21, 2017).
Local businesses that currently export to the EU, or are considering doing so in the future, should be aware that the agreement, known as the Comprehensive Economic and Trade Agreement (CETA), will bring many advantages including the “elimination of tariffs and the reduction of non-tariff barriers,” said Fuhr.
Fuhr said CETA will be a great opportunity for exporters, importers, workers and consumers, all of whom will benefit from improved market access, lower costs to doing business and a better selection of goods and services.
“Canada is now one of only a handful of countries that has guaranteed preferential access to both the U.S. and the EU, which together account for nearly half of the world’s economic output,” said Fuhr in a news release issued Wednesday.
“This puts Canada right at the centre of a network of free trade agreements connecting the Americas, Asia, and Europe.”
Companies that export services rather than goods will also enjoy preferential access to EU markets, putting Canadian business on the same footing as EU firms and giving them a distinct advantage over their non-EU competitors, according to the federal government.
The local MP is encouraging local business owners to find out more about CETA and what it means for their businesses by visiting Global Affairs Canada’s CETA website at www.international.gc.ca/CETA .
The website contains extensive information about CETA and the new EU market opportunities it brings.
Of particular note is the new Canada Tariff Finder (www.tariffinder.ca), an online tool which can help visitors find the Harmonized System code for their products and the corresponding EU preferential tariff rate that applies to them. It also notes the higher Most Favoured Nation rate faced by most of your non-EU competitors, letting Canadian business-people know the competitive edge they have under CETA.
Fuhr is also drawing attention to the Canadian Trade Commissioner Service which will assist local businesses in more than 160 cities across Canada and around the world. The service provides export-capable firms with on-the-ground intelligence and practical advice about foreign markets. Its services are free.
Find more information about the TCS and its export-related services here.