With talk of potential free trade deals in the future, it was easy to overlook the anniversary of a recent trade deal which was celebrated this week. Monday 21st September 2020 saw the third anniversary of the provisional entry into force of the EU-Canada Comprehensive Economic and Trade Agreement (CETA).
The European Commission has reported that the balance of these three years has been very positive: bilateral trade between the EU27 and Canada has increased by 27% for goods and 47% for services as compared to the situation before CETA entered into force. This is much better than similar trends between the EU and the rest of the world over the same period of time.
Executive Vice President and acting Trade Commissioner Valdis Dombrovskis said: “Over the last three years, CETA has proved its value many times over – not alone in increasing trade and economic opportunities for companies and workers in the EU and Canada, but also by providing a framework for stronger cooperation on sustainability and climate action. This demonstrates the enduring power of trade to deliver added value in a range of areas. My job as Executive Vice President of the Commission is to make sure we have an economy that works for people; it is clear that CETA contributes to that objective - and many more.”
Turning focus to the relationship between Ireland and Canada through CETA, the following facts are of note:
Products Ireland export to Canada include healthcare products and computer parts from Ballymote, Air Conditioner Parts and Forklift Trucks from Swords & Tea and Cheese Sauces from Cork.
Ireland has a trade surplus of €726 million with Canada, with €1.4 Billion in Irish Exports to Canada against €662 million in Imports. Canada ranks as Ireland's 7th biggest trade partner outside the EU.
The numbers for the Trade Deal are quite positive showing that this Trade Deal was proved quite beneficial for Ireland. Not bad, eh?
