November 4, 2016
Canada and the European Union (EU) signed the Canada-EU Comprehensive Economic and Trade Agreement (CETA) during a European Union-Canada Leaders' Summit on Sunday, in Brussels, Belgium.
CETA will provide Canada with access to the EU's more than 500 million consumers in a 28 country market which generates $20 trillion in annual economic activity.
The agreement covers virtually all sectors and aspects of Canada-EU trade in order to eliminate or reduce barriers. CETA addresses everything from tariffs to product standards, investment, professional certification and many other areas of activity.
On Monday the Canadian Government tabled the treaty and introduced implementing legislation in the House of Commons. The legislation will be subject to all stages of the legislative process. The implementation of CETA is expected in 2017.
The European Parliament must give its consent to CETA for it to enter into force provisionally. Provisional application, once an agreement has been approved by Member States in the Council and by the European Parliament, allows implementation of most parts of the agreement. The Investment Court System (ICS) will be out of the scope of the provisional application of CETA. This means that it will only be implemented once all Member States conclude their national ratification procedures.
Link: Canada-European Union: Comprehensive Economic and Trade Agreement