The free trade agreement between the EU and Canada came into force on 21 September. While awaiting ratification by all the EU national parliaments, businesses can already benefit from massive if not total tariff reductions and mutual recognition of standards, boosting growth and jobs and consumer choice. The strengthened partnership between the EU and Canada will also have a global impact, said EU High Representative Federica Mogherini following a meeting with Canadian foreign minister Chrystia Freeland yesterday.

"The partnership between Canada and the EU will deliver positive results for our citizens but also set out important positive global standards," said Mogherini. "It is about free and fair trade," but more broadly this "a very strong partnership that I would say the world needs."

CETA, signed in October 2016, offers new opportunities for EU businesses of all sizes to export to Canada. It will save EU businesses €590 million a year – the amount they pay in tariffs on goods exported to Canada. CETA removes duties on 98% of products (tariff lines) that the EU trades with Canada. The agreement will especially benefit smaller companies who will save time and money, for example, by avoiding duplicative product testing requirements, lengthy customs procedures and costly legal fees. CETA will create new opportunities for European farmers and food producers, while fully protecting the EU's sensitive sectors. CETA will also protect 143 EU "geographical indications" in Canada, high quality regional food and drink products.

The EU's 500 million consumers will also benefit from CETA. The agreement offers greater choice while upholding European standards, as only products and services that fully respect all EU regulations will be able to enter the EU market. CETA will not change the way the EU regulates food safety, including genetically modified products or the ban on hormone-treated beef.

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