The Comprehensive Economic and Trade Agreement (“CETA”), the much anticipated free trade agreement between the European Union and Canada went into effect on September 21st. CETA is a terrific opportunity for global companies to take advantage of duty savings offered by the FTA as it expands market access for the EU and Canada through comprehensive tariff elimination across all sectors of the economy.
Under CETA, Canada and the EU have committed to eliminate or reduce tariffs on goods imported from the other party, provided they qualify under the CETA rules of origin. Tariffs on 98% of goods including apparel and footwear, industrial products, and fish and seafood and over 93% of food and agriculture goods were eliminated immediately upon entry into force of the agreement. Tariffs on the additional tariff lines will be eliminated gradually within seven years.
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