Germany’s Bundestag lower house of parliament voted by a majority on Thursday to back the ratification of the European Union’s free trade agreement with Canada, five years after it provisionally went into force.
The Comprehensive Economic and Trade Agreement (CETA) has been provisionally applied since 2017, which means some 98% of customs duties have been abolished on all goods traded between the bloc and Canada.
However, it can only enter fully into force after all 27 member states have ratified the agreement. Several member states, including Italy and France, have yet to ratify the agreement. Canada has already ratified it.
German Foreign Minister Annalena Baerbock said during a visit to Canada in August that the agreement still had great potential, including increasing cooperation on important minerals and, in future, hydrogen.
The Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, issued the following statement on Germany’s advancement of its ratification of the Canada-European Union Comprehensive Economic and Trade Agreement (CETA):
“Canada and European Union have a strong trade and investment relationship rooted in our dynamic supply chains and deepened by our people-to-people ties. On the occasion of CETA’s fifth anniversary, Canada welcomes Germany’s major step forward in its CETA ratification process.
CETA’s benefits to Germany and Canada are clear. Canada-Germany trade has increased more than 16% from pre-CETA levels, reaching $25.5 billion last year. Our government will continue to work with the European Union toward the full implementation of CETA.”
Canadian businesspeople also welcomed the German Bundestag’s vote to ratify the Canada-EU Comprehensive Economic and Trade Agreement (CETA). Germany is Europe’s largest economy and Canada’s top trade partner within the European Union. German ratification is a significant step toward full ratification of the agreement
To further strengthen the Canada-EU partnership and deliver on the full promise of CETA, Canada must now do more to honour our commitment to supply European allies with resources they need to heat their homes and power their factories. This includes LNG and hydrogen, as discussed with Chancellor Scholz during his visit here in August.
Ceta Business Network applauds Germany’s ratification
The Ceta Business Network community is very enthusiastic about this news, aware of its role as a facilitator in relations between Europe and Canada. This new milestone makes us realise that we are on the right track and that the work we are doing will be of benefit to all businesses and professionals who want to make the most of the free trade agreement.
- I accept