On October 18, 2013 key elements of the Canada – European Union Comprehensive Economic and Trade Agreement (CETA) were agreed on by Canada and European Union representatives.
The finalization of CETA will affect trade in all sectors in Canada. With tariff barriers eliminated between Canada and the European Union (EU), this can bring a number of economic and legal advantages.
Not only will Canadian businesses look forward to marketing and distributing products in the EU, it will make Canada a preferred choice for investments as well. With an increase in foreign investments, companies will need to pay attention to maintaining stability and positive projections.
However, with increasing export opportunities it should be noted that the Agreement might lead to a number of issues.
Manufacturing process might have to be changed in order to meet manufacturing standards. Private bidding on public procurement services may lead to changes how Canadians receive public services.
With another two years left before CETA takes effect, it would be best for companies to implement programs that would better facilitate the increase in foreign investments, the changes in sourcing and manufacturing products, and preparing contracts that suit both Canadian and European jurisdictions.
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Rajah Lehal: Rajah is the Founder and CEO of Clausehound.com. Rajah received his M.B.A. and J.D. degrees, from the University of Western Ontario Richard Ivey School of Business and the Faculty of Law respectively, during which time he was Co-President of Entrepreneurs@Ivey, a student-run entrepreneurship group and, as well, assisted Professor Richard McLaren with the launch of the Western Business Law Clinic. Rajah also received an Honours Philosophy degree from the University of Waterloo, where he also took a significant course load in Mathematics and Computer Science. Rajah worked for more than a decade in the information technology industry, including three years in software development and seven years as an Information Systems and Technology manager at both a major telecommunications company and at a financial services company. Rajah also received his legal training in the corporate law group at Stikeman Elliott LLP in Toronto, as well as internationally for the Technology Media and Telecom group in the Dubai office of Clyde & Co. Rajah is a Technology and Small Business Lawyer and is counsel for the Venture Law Practice Group at Cobalt Business Counsel, a corporate and securities law practice based in Toronto. Recently, Rajah has been interviewed for a Financial Post podcast and by the Globe and Mail for his work at Multiplicity, and has joined the Loan Review Committee Member for the CYBF Spin Master Innovation Fund and was asked to judge the Ivey IBK Business Plan Competition. Rajah is also on the board of directors of Sky’s the Limit charity that provides laptops to youths in need and is Canadian Responsible Leaders Chapter Head for the BMW Foundation. Rajah continues to be an active member in the start-up technology industry nationally and internationally.