Source: Rita Jane Gabbett, MEATINGPLACE, 10/31/16


Over the weekend, Canada and the European Union signed a trade agreement that will eliminate nearly all import duties, including those on beef.

In a statement, the European Commission estimated the Comprehensive Economic and Trade Agreement (CETA) will save European exporters of industrial goods and agricultural products more than €500 million euro ($550 million) a year and called it “a landmark accord that sets the benchmark for future agreements.”

Under the pact, only products and services that fully respect all EU regulations will be able to enter the EU market. This means that CETA will not change the way the EU regulates food safety, including GMO products or the ban on hormone-treated beef.

Canada has agreed to recognize the special status of the EU's Geographical Indications, agreeing to protect a list of more than 140 European goods in Canada, such as Prosciutto di Parma and Schwarzwälder Schinken. A range of goods will have fewer administrative hurdles to jump, avoiding double-testing on both sides of the Atlantic, benefitting smaller companies in particular.

CETA is a result of seven years of negotiations and has faced stiff opposition. The pact still must be ratified by the European Parliament and the legislatures in each EU country, which could take years.

However, once the European Parliament approves CETA, which is expected in a few months, most of it will take effect on a provisional basis pending final ratification by EU members.  

The announcement comes as negotiations on the Transatlantic Trade and Investment Partnership (TTIP), which would aid U.S. exporters, continue to stall.

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