The Comprehensive Economic and Trade Agreement
The Comprehensive Economic and Trade Agreement (CETA) was adopted by the Council and signed at the EU-Canada Summit on 30 October 2016. CETA will create jobs and strengthen economic relations between the EU and Canada.
What will CETA introduce:
– helping to create growth and jobs at home
– ending custom duties
– letting EU businesses bid for Canadian public contracts
– stepping-up regulatory cooperation
– protecting European innovations, artists and traditional products
– opening up trade in services
– promoting investment
– ensuring good cooperation in future
– protecting democracy, consumers and the environment.
One of the most important changes is the ending custom duties whereby companies exporting industrial products will save about €500 million. Other important change is letting EU businesses bid for Canadian public contracts since Canada’s federal government, provinces and municipalities buy goods and services worth over €30 billion from private companies. CETA will strengthen intellectual property rights for new pharmaceuticals. For example, patent holders will be able to appeal marketing authorisation decisions in Canada and Canada will bring its system of data protection more in line with that of the EU.
The information was prepared by Kamil Trzaskoś of KG Legal Polish Law Firm. KG Legal provides specialised legal assistance to IT, Life Science as well as investment processes in Poland and organises networking between Polish and international companies and research centres.