February 17, 2017
The European Parliament voted on Wednesday in favour of the Comprehensive Economic and Trade Agreement (CETA) between the European Union (EU) and Canada, concluding the ratification process of the agreement at the EU level.
The Canada-European Union Comprehensive Economic and Trade Agreement will provide a wide range of opportunities by eliminating or reducing trade barriers between Canada and the EU.
Canada and the EU must now pass legislation and make required regulatory changes through their respective processes, before the application of CETA can begin. Once this is done, virtually all of the economically significant parts of the agreement - including tariffs, quotas, service commitments, temporary entry commitments and government procurement obligations - will be applied and businesses on each side will be able to take advantage of the economic benefits.
The remaining elements of CETA, including provisions related to investment protection and dispute resolution, will be applied once all EU member states have ratified the Agreement, and it is fully brought into force in Canada and the EU.
In Canada, Bill C-30, the legislation to implement CETA, passed third reading in the House of Commons on February 14, 2017 and was introduced in the Senate on the same day.
Link: Canada-European Union Comprehensive Economic and Trade Agreement (CETA)