On 30 October, President of the European Commission Jean-Claude Juncker, President of the European Council Donald Tusk, Prime Minister of Slovakia Robert Fico and Canadian Prime Minster Justin Trudeau signed the Comprehensive Economic and Trade Agreement between the EU and Canada (CETA).

The deal will benefit exporters, big and small, creating opportunities for European and Canadian companies and their employees, as well as for consumers. As the EU's most advanced and progressive trade agreement to date, CETA is a landmark accord that sets the benchmark for future agreements. It includes the most ambitious chapters on sustainable development, labour and the environment ever agreed upon in bilateral trade agreements. However, CETA will not only help boost trade and economic activity, but also promote and protect shared values.

Among other benefits CETA will:

• cut tariffs worth over €500 million a year to benefit businesses big and small

CETA will bring tangible benefits to European companies by getting rid of 99% of tariffs, in most cases as soon as the deal comes into effect. As of the first day of its implementation, Canada will eliminate duties worth €400 million for goods originating in the EU.

• create greater choice for the EU's 500 million consumers while maintaining current quality standards

Opening markets has the potential to keep prices down and provide consumers with more choice. At the same time, free trade does not mean lowering or changing EU standards that protect people's health and safety, social rights, their rights as consumers and the environment.

• ensure mutual recognition of professional qualifications

The agreement provides a framework to approve the recognition of qualifications in regulated professions such as architects, accountants and engineers. The relevant professional organisations in the EU and Canada will have to jointly work out the technical details of recognition of their respective qualifications on the basis of the framework.

• decrease restrictions on moving across the Atlantic for temporary work

CETA will make it easier for company staff and other professionals to work on the other side of the Atlantic, and for firms to move staff temporarily between the EU and Canada. This will help European companies run their operations in Canada. It will be also easier for other professionals to temporarily supply legal, accounting, architectural or similar services.

• reform the system of investment protection

CETA ensures protection for investments while enshrining the right of governments to regulate in the public interest, including when such regulations affect a foreign investment. The traditional form of investor-state dispute settlement that exists in many trade agreements negotiated by Member States (known as ISDS) has been replaced with a new and improved Investment Court System (ICS). The new mechanism will be a public one - not based on ad hoc tribunals.

After signature, 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 European businesses and consumers to reap the benefits of the agreement early on.

A blog post explaining the benefits of CETA by EU Trade Commissioner Cecilia Malmström can be read here.