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Canada and the European Union new free trade agreement - Essay Example

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The summit held on 26th of September at Ottawa was a sign that the negations between Canada and European Union on the idea of implementing a free trade agreement had to end. The Canada-European union trade agreement (CETA) stated that it would remove approximately ninety-nine percent of tariffs affecting the two countries…
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Canada and the European Union new free trade agreement

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Canada as a country is renowned for its skillful ideas in research, innovation and invention and production of different types of manufactured products. These products include industrial and machinery, rail products, agricultural and medical equipments. The Canada’s gross domestic product was $42.7 billion resulting from employing approximately 418, 000 Canadian individuals in the manufacturing industry. On the other hand, the European Union benefits from Canada on products such as aero products, rail products and agricultural goods, and medical products, scientific and precision equipments. However, the trade between Canada and European Union is affected by 22 percent tariff on the goods exported and imported. This has been affecting the trade making the European Union to get goods at costly prices (Canada).

Upon the completion of the agreement, the Canada-EU trade agreement will work to reduce and remove most of the existing EU tariffs on the manufactured goods, which include electrical parts and equipments and medical equipments. The reduction of physical barriers on the market will help to increase market access for exports and imports. Additionally, the agreement gives opportunities of helping Canada and EU identify different ways and steps of either preventing imposition of non-tariff barriers or direct deal with them when they arise. ...Download file to see next pagesRead More
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