cross-posted from: mander.xyz/post/48461568
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Trade ministers from Canada and the European Union are set to sign on to a series of improvements to their bilateral trade agreement.
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CETA was signed in 2016 and everything but its investment chapter took effect provisionally in 2017. Even though some EU member countries have yet to ratify the treaty in their respective legislatures, the two partners agreed to implement the deal’s economic benefits, such as its tariff cuts, without waiting for its complete ratification.
CETA’s current text was negotiated between 2009 and 2016, and requires modernization to address emerging issues in this rapidly evolving sector. Negotiations will officially launch Thursday to add a digital trade agreement to the existing treaty.
Other recently approved enhancements include:
- A mutual recognition agreement for architects, something the Carney government hopes will open up access to Europe’s $1.1-trillion construction market to Canadian professionals.
- Expanded protocols for the manufacturing of pharmaceutical ingredients, which the two countries hope will reduce duplicative inspections and costs for that sector.
- Revisions to strengthen CETA’s investment protections for small and medium-sized businesses.
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