Despite good bilateral relations, trade between Croatia and Canada amounts to just 125 million euros a year.
While economic protectionist is getting stronger in many countries, the free trade agreement between the European Union and Canada (CETA) entered into force this week. Both sides have described the agreement as a historic one, which represents a milestone for the European Union, but also a template for future trade agreements that will strengthen its position in global commerce, reports Poslovni.hr on September 23, 2017.
“The EU and Canada are determined to ensure that economic growth, social development and environmental protection are mutually supportive. As a result, EU businesses and citizens will begin to feel the benefits offered by the agreement as soon as possible. The CETA is a great opportunity for two countries to influence the globalization processes together,” said Branko Baričević, head of the European Commission Delegation in Zagreb.
Although significantly less than with regards to the proposal for a similar agreement with the United States, there were concerns about how the deal will affect Europe. But, the deal includes numerous measures for the protection of the Union’s interests. For example, all commodities from Canada will have to comply with European standards, technical, consumer and security, including the ban on GMOs. The EU maintains the possibility of making rules stricter in the future, while the criteria cannot be lowered when it comes to the environment protection or working conditions.
And what will the CETA bring to Croatia, which was the third EU member state to ratify the agreement? Despite good bilateral relations, trade between Croatia and Canada amounts to just 125 million euros a year. However, with exports of 87 million euros, Canada is one of few foreign markets where Croatia has a trade surplus.
The CETA will exempt exporters and importers from customs duties, while the local market will be open to Croatian entrepreneurs who will be able to participate in public tenders. Small and medium-sized companies will be able to export and invest will less bureaucratic barriers, and it will be easier for people to work in Canada.
“Croatia has demonstrated its ambition for doing business with Canada by being the third country in the European Union which has ratified the CETA. It has come time for Croatia to benefit from the agreement and to find Canadian partners to help create new jobs, innovation and business success,” said Canadian Ambassador to Croatia Daniel Maksymiuk.
Deputy Prime Minister and Economy Minister Martina Dalić has invited entrepreneurs to take advantage of the Canadian market opportunities created by this agreement that will bring new jobs and investments.
Translated from Poslovni.hr.
