Today, the Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union (EU) comes into effect. CETA will give Canadian industries a competitive edge as it eliminates or reduces trade obstacles.
Businesses in Canada will have preferred access to the European market, which represents some 500 million consumers. The number of potential consumers goes up to 800 million when we include the U.S. market, which is covered by the North American Free Trade Agreement (NAFTA). Moreover, Canada is in a great position to attract European investors that want to set up in the U.S. market. This competitive advantage should obviously benefit Greater Montréal – specifically the city’s sectors of excellence.
CETA is the most important free trade agreement Canada has signed since NAFTA.