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New Trade Agreement Between EU And Canada Enters Into Force

New Trade Agreement Between EU And Canada Enters Into Force”

As Ceta came into force, Dr Fox echoed the hopes of the Prime Minister and her Canadian counterpart Justin Trudeau that the United Kingdom and Canada could use it as a blueprint for a future trade deal between the two countries, but did not mention any potential relationship with the EU.

Canada called the deal "one of the most progressive ever" and lit the iconic CN Tower in Toronto with the EU's official colours late Wednesday.

Canadian worldwide trade minister Francois-Philippe Champagne, said: "Ceta sets new and progressive standards for all trading nations".

Today, the trade agreement between Canada and the European Union, CETA, comes into force, BNT reports.

"It is very, very important for Canadian companies, especially nowadays when a lot of companies are really thinking about diversifying their export business given the uncertainty they're seeing south of the border", Todd Evans of Export Development Canada Economics told Canadian media. "It helps us shape globalization and the rules that govern global commerce". Once in full effect, CETA will also implement a new and improved Investment Court System to replace the current investor-state dispute settlement (ISDS) mechanism that exists in many bilateral trade agreements negotiated in the past by EU Member States' governments.

Only six countries have so far completed the process: Latvia, Denmark, Spain, Croatia, Malta and Portugal, which voted in favour on Wednesday. In addition, CETA will allow companies to save Euro 590 million from customs duties.

This provision has raised huge concerns among pressure groups on the Continent which fear a rollback of European regulation on the environment and health by powerful multinational players. "Despite the nay-sayers, we strongly believe the CETA deal will bring long-term sustainable advantages to both Canadian and European citizens, consumers and businesses". That opinion is still pending.

Negotiations for that deal, known as the Transatlantic Trade and Investment Partnership (TTIP), have however been frozen since the election of Donald Trump, who reached the U.S. presidency on a staunchly anti-globalisation platform.



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