5 YEARS OF CETA
The 21st of September marked the fifth anniversary of the provisional application of the EU-Canada Comprehensive Economic and Trade Agreement (CETA). The agreement has helped boost EU trade with Canada and has provided the EU with a solid, trusted source of supply for key resources such as energy and raw materials.
CETA has delivered sustainable economic growth and jobs for the EU. Bilateral two-way trade in goods between the EU and Canada has increased by 31% over the past five years reaching 60 billion euros, with even higher growth of 41% in trade in food and agricultural products EU goods exports to Canada have increased by 26% since CETA came into force. With strong provisions on climate, environment and labour, it also aims to grow trade in climate-friendly goods, technologies and services. Total bilateral trade in environmental goods grew by 27% from €4.6 bn to €5.9 bn in 2021.
CETA has also given the EU privileged access to Canada's raw materials: it has eliminated tariffs, prohibited export controls and reduced supply chain risks also in times of high demand. CETA has also created a framework for trade in energy with a reliable and like-minded partner. The EU's energy imports from Canada have grown by 70% between 2016 and 2021.
Source and more information: European Commission