Newly signed trade agreement sets high standards for global trade
Kanada EU Handelsabkommen Handel CETA
© Zerbor - fotolia.com

In February 2016, Canada’s Minister of International Trade, Chrystia Freeland, and the European Union’s Commissioner for Trade, Cecilia Malmström, announced the completion of the legal review of Comprehensive Economic and Trade Agreement, generally known as CETA. The Commission proposed that the deal has to be signed and concluded as a "mixed" agreement. On the EU side, it must be signed by both the EU and the member states, and ratified by all relevant national and regional parliaments.

The European Council has been called on to approve a package of decisions on CETA on October 18, 2016. Following two weeks of re-negotiations, the EU Council did finally adopt the trade agreement. At the EU-Canada Summit on October 30, the trade deal has been signed by the President of the European Commission Jean-Claude Juncker, the President of the European Council Donald Tusk, the Prime Minister of Slovakia Robert Fico, and the Canadian Prime Minister Justin Trudeau.

CETA’s regulatory approach targeting the overcoming of present obstacles to the acceptance of conformity assessments offers unequalled opportunities. In the near future, an independent conformity assessment body registered in the EU will be able to assess certain products for not just the European but also the Canadian market. By the so-called ‘one-stop-shopping’, conformity with the legal and normative requirements applying in Canada will be assessed at the body’s own national location.