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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