El Trade Agreement
Find out how the EU-Mercosur trade deal would help small businesses that are already exporting to world-renowned companies. The EU is Mercosur`s main trade and investment partner. EU exports to Mercosur amounted to €41 billion in 2019 and €21 billion in 2018 for services. Article: Promoting international trade and removing barriers The EU is New Zealand`s second largest trading partner. In 2019, the volume of trade amounted to more than 9 billion euros. Agricultural products account for the largest share of New Zealand`s exports to the EU, while the EU mainly exports manufactured and industrial goods to New Zealand. In 2019, Germany`s trade surplus with New Zealand amounted to €2.7 billion and EU companies accounted for more than €10 billion of foreign direct investment in New Zealand. On 15 February 22, 2017, the European Parliament approved the Comprehensive Economic and Trade Agreement (CETA). CETA eliminates most remaining tariffs and improves reciprocal market access for goods and services in the EU and Canada.
Respect for common rules and the creation of open market access will help CETA parties to ensure and develop their prosperity. CETA not only creates better opportunities for European producers of industrial goods, agricultural products and services. It also reaffirms social and environmental standards and provides for a modern form of investment protection. CETA is a modern agreement that offers its parties a great opportunity to play an active role in globalization and to establish fair and robust rules for this process. The high standards agreed between the EU and Canada will serve as a reference for future trade agreements. CETA has been provisionally applied since 21 September 2017. However, this only applies to chapters that fall within the exclusive competence of the EU. Following this provisional entry into force of the agreement, EU businesses and citizens have benefited directly from CETA since 21 September 2017.
Canada removes all tariffs on 98% of all goods traded between the EU and Canada (as far as tariff lines are concerned). This will save EU businesses €590 million a year in customs duties. They also get the best access to Canadian federal, provincial and municipal public sector markets ever granted to non-Canadian companies. CETA will only enter into full force once all Member States have ratified the agreement in accordance with their individual national procedures in accordance with constitutional law. . . .