Trade Agreement Canada Germany

On October 18, 2013, Canadian Prime Minister Stephen Harper and European Commission President José Manuel Barroso signed an agreement in principle. Negotiations ended on 1 August 2014. [25] The trade agreement was formally presented on September 25, 2014 by Harper and Barroso at an EU-Canada summit at the Royal York Hotel in downtown Toronto. [26] The Canada Europe Roundtable for Business has served as a parallel trade process from the inception to the end of the CETA negotiations. The Comprehensive Economic and Trade Agreement (CETA) (Canada-Europe Trade Agreement) is a free trade agreement between Canada and the European Union. [3] [4] [5] It was applied on an interim basis[6] and thus eliminated 98% of the existing tariffs between the two parties. Vietnam: On 30 June 2019, the EU and Vietnam signed a free trade agreement and an investment protection agreement in Hanoi. Germany is Vietnam`s largest trading partner in the EU and welcomes the signing of the agreement. The free trade agreement will facilitate access for German products to the growing Vietnamese market. Like the agreement with Singapore, the Investment Protection Agreement with Vietnam sets high and precise standards for investment protection and establishes a reformed dispute settlement procedure. The European Parliament approved both agreements on 12 February 2020.

The free trade agreement came into force on August 1, 2020. The investment protection agreement must be ratified by all EU member states before it enters into force. With 82.4 million people, Germany is the largest country in the European Union (EU). It is one of the top 20 countries per capita in terms of global gross domestic product, making it one of the richest countries in the world. For Canadian exporters, the activity in Germany offers not only access to this rich domestic market, but also to the world`s largest trading bloc. In 2019, bilateral trade between Germany and Vietnam amounted to about 14 billion euros. The stock of German direct investment in Vietnam amounted to about 840 million euros in 2017. More than 300 German companies are currently active in the Vietnamese market. At first, it was not known whether or not EU Member States should ratify the agreement, given that the European Commission placed the treaty solely under the EU`s responsibility. [57] However, in July 2016, it was decided to characterize CETA as a “mixed agreement” and therefore ratify it through national procedures. [58] CETA entered into force provisionally on September 21, 2017, meaning that most of the agreement is now in force.

On 26 March 2014, Federal Economy Minister Sigmar Gabriel wrote an open letter to EU Trade Commissioner Karel De Gucht, in which he said that investment protection was a central sensitive issue that could ultimately decide whether a transatlantic free trade agreement would be approved by Germany.

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