CETA is the most extensive EU free trade agreement to date. It benefits UK companies by immediately removing 98% of the duties they have to pay at Canadian customs.
The benefits for UK companies are:
- elimination of nearly all Canadian import duties
- increased opportunities for UK companies to bid for public contracts in Canada
- strengthening of UK firms’ ability to access Canadian services and investment markets
- improvement of the framework for temporary movement of company personnel and service providers between the EU and Canada
- strengthening of the Canadian intellectual property environment
- strengthening of the cooperation between European and Canadian standard setting bodies
The majority of the agreement and its removal of tariff and non-tariff barriers came into effect with provisional application on 21 September 2017. The remainder comes into effect with the completion of ratification in each EU member state.
The government has started the formal process for UK ratification of CETA. This includes:
The Regulatory Policy Committee (RPC) carried out an independent review of the CETA impact assessment. The RPC is an advisory non-departmental public body, which provides the government with external, independent scrutiny of new regulatory and deregulatory proposals.