The Canadian arm of the National Marine Manufacturers Association has been following the progress of the Comprehensive Economic and Trade Agreement for a few years and said it was pleased to learn that the European Parliament approved it in February.
Although the agreement has been ratified, NMMA Canada said the national parliaments of the EU member states will have to vote to implement it.
That said, the Canadian government hopes to see the agreement come into force this spring, according to the NMMA.
The trade agreement looks to phase out almost all existing tariffs and allow new market access for products that include agricultural commodities and open government procurement to foreign companies.
The agreement also recognizes professional credentials and harmonizes labor and environment standards between Canada and the EU, along with establishing a common certification for goods and services.
The deal will provide Canada with access to the EU’s more than 500 million consumers. Canadian industry will gain increased market access to the 28 member countries and it is estimated that $20 trillion will be generated in annual economic activity, NMMA Canada said.
When implemented, the agreement should generate billions of dollars in bilateral trade and investment, provide greater choice and lower prices to consumers and create middle class jobs in many sectors, NMMA Canada said, adding that EU tariff eliminations likely will help sectors in every region of Canada.