This is the EU's first deal with a G7 nation, and according to the European Commission could open up big opportunities for small and medium sized businesses (SMEs) with one of the largest export markets in the world.
The main benefits to EU SMEs will include:
- Cost savings. CETA will eliminate almost all trade duties, saving EU businesses around 500bn Euros per year.
- The ability to bid for public contracts in Canada. EU businesses will be able to benefit from federal and provincial government spending.
- Simpler regulation. CETA will make it easier for the EU and Canada to work together – an example of this is that both countries will accept each other’s conformity assessment certificates.
- It will make doing business easier. CETA will make it much simpler for EU businesses to provide after-sales service by allowing freer movement for temporary staff such as maintenance engineers.
How FedEx can help
At FedEx, we can help your business reach its potential on the global stage. When it comes to exporting to Canada, we offer shipping services with customs-cleared, door-to-door deliveries from the EU to Canada in just 1-3 business days1.
- European Parliament consent. The European Parliament will need to give its consent to the agreement before it can be provisionally applied.
- Provisional application. This is expected to commence in Spring 2017.
- Full ratification. CETA will then need to be approved by EU Member States in accordance with their own national procedures before it can fully come into effect (i.e. full ratification). This could mean approval by as many as 38 parliamentary chambers, including regional ones.
For more information on CETA, click here to read the latest news on the European Commission website
1 Transit times and delivery service may vary depending on destination and origin.