The European Union is the world’s largest economy and with the recently ratified Canada-EU Trade Agreement it is estimated that the current Canadian export figure to the EU of $2.6 billion annually will increase to over $4.0 billion.
The Agreement will benefit Canadian agribusiness considerably by:
- providing new market opportunities for key Canadian agricultural exports through the elimination of tariffs;
- establishing duty-free tariff rate quotas for specific products and giving Canadian farmers yearly duty-free access, including up to 80,549 tonnes of pork, 50,000 tonnes of beef, and 3,000 tonnes of bison;
- helping generate more jobs, higher wages and greater long-term prosperity;
- providing opportunities for Canadian and EU officials and regulators to exchange information and mutually assist importers and exporters in addressing issues that may arise; and
- providing a new set of rules that govern trade between Canada and the EU.
The Agreement represents a massive opportunity for Canadian farmers and businesses across the Country.