Free Trade Canadian style

By on October 31, 2018

October 31, 2018

CETA, the Comprehensive Economic and Trade Agreement between Canada and the EU is a long list of rules respecting trade, adopted provisionally in 2017. It creates a free trade area between the two entities, thus giving Canadian businesses an advantage over U.S. businesses. It regulates trade in goods and services, adjusts intellectual property rights for pharmaceutical drugs, establishes an Investor-State Dispute Settlement system and regulates government procurement. It mandates an extended period of patent protection for drugs in some circumstances and streamlines litigation relating to generics. It eliminates duties on virtually all Canadian tariff lines. Tariff reductions occur in stages, complete in a maximum of seven years. The EU agreed to make specific market access commitments for some Canadian goods, including shrimp, cod, and in the sixth year, beef and pork. Canadian businesses gain access to the EU government procurement market, valued at approximately C$3.3-trillion annually, and will probably attract EU investment in Canada as a result of EU businesses desire to access the NAFTA region.
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