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EU and Canada confirm signing of CETA deal

Legislation | | MIC Customs Solutions |

The EU and Canada have jointly signed the Comprehensive Economic and Trade Agreement after overcoming recent difficulties.


Ministers from the European Union and Canada have finally put pen to paper on the Comprehensive Economic and Trade Agreement (CETA), one of the largest free trade agreements (FTAs) in their history.

The deal is intended to generate billions of dollars in bilateral trade and investment, offer lower prices to consumers and create middle-class jobs across numerous sectors on both sides of the Atlantic.

CETA will remove almost all import duties on products sold between the EU and Canada, with the EU estimating that European exporters of industrial and agricultural goods will save up to €500 million every year as a result.

Canada, meanwhile, will gain access to more than 500 million consumers across the 28 EU nations, which generate C$20 trillion (€13.48 trillion) in annual economic activity between them. Additionally, the FTA will provide greater consistency on regulations governing workers' rights, environmental standards and consumer safety.

The EU and Canada have also signed a new Strategic Partnership Agreement to enhance cooperation in several other important areas, including energy, the environment and climate change, migration and peaceful pluralism, counter-terrorism, security, and effective multilateralism.

Justin Trudeau, prime minister of Canada, said: "This modern and progressive agreement will reinforce the strong links between Canada and the EU, and create vast new opportunities for Canadians and Europeans alike."

European Commission president Jean-Claude Juncker added: "The people of Canada and the EU have opened a new chapter in their relationship. More than half a billion people on both sides of the Atlantic will enjoy new opportunities."

The signing of CETA will come as a great relief to ministers after it had previously appeared that objections raised by the Belgian region of Wallonia would scupper the deal. However, further talks with local officials resulted in their concerns being assuaged, allowing the EU to obtain the unanimous approval the FTA required to pass.


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MIC - Customs and Trade Compliance Software Solutions worldwide

Multinational companies are facing greater compliance challenges when addressing the continuously evolving international legal requirements. Customs and trade compliance management has a significant impact on production location and purchasing decisions, delivery times, cost savings and competitive advantages. Thus, it is crucial to establish processes that are accurately, effectively, and efficiently managed utilizing proven global IT solutions.

The international requirements for companies regarding customs and trade compliance management are complex and subject to ongoing legal changes covering a multitude of topics, such as: Correct product classification, compliance with export control regulations, numerous sanction list screenings, calculation of origin based on ratified free trade agreements, supply chain security initiatives, and management of special customs regimes as part of the import and export clearance processes. In addition, country-specific legal requirements that include legislative and technical changes make it increasingly difficult to completely fulfill the requirements of international customs and trade compliance.

A partnership with MIC strengthens a company’s ability to deal with the daily operational challenges of international customs and trade compliance management. MIC has a trendsetting Global Trade Management (GTM) software solution that allows companies to standardize and automate their customs and trade compliance processes. MIC’s software solution is available on 6 continents and can be configured according to the company’s specific needs to significantly improve legal compliance, thus saving time, money, and eliminating future business disruptions.

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Central export control check of business transactions, including sanctioning list check, embargo check, end-user / end-use check, determination of approval requirements and management of approvals.

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There are various customs regulations and requirements programs throughout the world. Examples include ACE, FTZ and Duty Drawback in the USA, IMMEX in Mexico, the Union Customs Code (UCC) in the EU (and its various national characteristics), the Free Zone in Thailand, and the China Single Window. All of these have the objective of making customs procedures simpler, more modern and more efficient.

MIC Global Trade Management (GTM) software helps companies maintain international visibility and to take advantage of these program changes in legislation. We know the intricacies of national and regional customs and export control requirements. Our software takes account of the respective regulations and uses similarities in global customs and export control law. This is done in 55+ countries on 6 continents with regularly updated trade content for 150+ countries. In addition, our data analytics & visualization tool enables improved decision making by identifying optimization potentials and supply chain trends across global customs and trade compliance processes. As a result, global business processes can be designed and automated more efficiently. This not only increases compliance, but also saves time, money and increases global competitiveness.

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