Exporters in Saskatchewan are going to be benefiting from a new free-trade agreement between Canada and the European Union.
The Canada-European Union Comprehensive Economic and Trade Agreement (CETA) will be implemented on Thursday.
The agreement will, among other things, make almost all tariffs duty-free on trade goods between Canada and the EU.
CEO of Saskatchewan’s Trade and Export Partnership Chris Dekker said the EU is one of Saskatchewan’s biggest export markets.
“About $1.28 billion dollars of goods and services were exported into that union just last year and half of that was in agriculture and agri-food,” Dekker said.
He said the agreement will also “establish mechanisms to address some of the other regulatory barriers including discussions in bio-technology and the use of side-space approval processes.”
The current EU tariff on durum wheat is up to $190 per tonne and on oats it is about $114 a tonne.
“CETA will reduce the limiting quotas also on importation of cattle, pork, beef and bison.”
The deal is also good news to exporters with the growing protectionism in the world.
“Most notably in the United States as we enter into the NAFTA renegotiations.”
Dekker said the trade agreement will give exporters new opportunities in the EU market.