The European Union and Canada have a long-standing and positive relationship, with strong economic ties and a shared commitment to international trade. In September 2017, the Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada was implemented, opening up new opportunities for businesses and consumers on both sides of the Atlantic.

The agreement is one of the most comprehensive and ambitious trade deals ever negotiated, covering a wide range of areas including goods, services, investment, and regulatory cooperation. It eliminates tariffs on almost all goods traded between the EU and Canada, and provides improved access to each other`s markets for services and public procurement.

One of the key benefits of the agreement for businesses is the reduction of non-tariff barriers, which can be just as burdensome as tariffs. CETA includes provisions that streamline regulations and standards, making it easier for companies to comply with both EU and Canadian requirements. For example, it allows businesses to have their products certified in their home country, rather than having to go through a separate certification process in the other market.

The agreement also includes provisions for protecting intellectual property rights, which are crucial for businesses operating in knowledge-intensive industries such as pharmaceuticals and software. This helps to ensure that innovators and creators are properly rewarded for their efforts, and encourages further investment in research and development.

For consumers, CETA offers greater choice and lower prices. Tariff elimination means that goods such as food and clothing will become cheaper, while regulatory cooperation will enable the sharing of best practices and ensure that products are safe and of high quality.

Of course, as with any trade agreement, there are potential downsides and challenges. Some critics have raised concerns about the impact of CETA on certain sectors, such as dairy farmers in Canada who may face increased competition from EU imports. There are also concerns about the inclusion of investor-state dispute settlement (ISDS) provisions, which allow corporations to sue governments over actions that may affect their profits.

However, overall the implementation of CETA represents a positive step forward for EU-Canada trade relations. It is an example of how countries can work together to create a more open and transparent trading system, and demonstrates a shared commitment to economic growth and job creation.

As businesses and consumers begin to feel the benefits of this new agreement, it is likely that other countries will be encouraged to pursue similar deals with the EU. At a time of increasing global uncertainty and protectionism, CETA offers a bright spot of optimism for the future of international trade.