Canada Preferential Trade Agreements

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The CBSA uses rules of origin to determine which goods are eligible for a specified tariff treatment. Rules of origin determine the amount of production required in Canada or another country for goods to be considered “originating in” that foreign country and to qualify for special customs treatment. This ensures that zero or reduced rates of duty apply only to countries that have a Canadian trade agreement. The North American Free Trade Agreement between Canada, the United States and Mexico entered into force on January 1, 1994 and created the world`s largest free trade region by GDP. In 2014, the combined GDP for NAFTA was estimated at more than $20 trillion, with a market of 474 million people. [5] [6] Building on this success, Canada continues to negotiate and conclude free trade agreements with more than 40 countries, most recently with South Korea, which is Canada`s first free trade agreement with a partner in the Asia-Pacific region. Beginning in 2018, Canada also concluded two other important multilateral trade agreements: the Comprehensive Economic and Trade Agreement (CETA) with the European Union and the Eleven-Nation Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with ten other Pacific countries. [7] On September 21, 2017, CETA was provisionally applied, which immediately eliminated 98% of the Union`s tariffs on Canadian products. [8] Canada is currently the only G7 country to have free trade agreements with all other G7 countries.

Free trade with the last G7 country, Japan, began with the entry into force of the CPTPP on 30 December 2018. Which country gives you access to 1.5 billion consumers in 51 countries? Canada. When it comes to global market access, things are not getting better. With 14 free trade agreements covering 60% of global GDP, Canada is opening doors to cross-border growth. The Comprehensive Economic and Trade Agreement (CETA) is a modern EU trade agreement that provides MORE and better trade opportunities for EU businesses in Canada, promotes jobs in Europe, and protects consumers and the environment. Have you ever tried to sell your goods abroad and found the tariffs prohibitive or are the activity requirements confusing or unpredictable? There are many issues that Canadians face when trying to expand their business internationally. . . .

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