In manufacturing alone, Chinese imports from the United States are expected to increase by nearly $33 billion this year and nearly $45 billion next year from base year 2017, before the start of the trade war. Mr. Altmaier: “By modernizing our trade agreement with Mexico, we are sending a strong message for free and fair world trade.” On 15 February 2017, the European Parliament approved the Comprehensive Economic and Trade Agreement (CETA). CETA removes most of the remaining tariffs and allows for better reciprocal access to markets for goods and services in the EU and Canada. Compliance with common rules and the creation of open market access in this way will help CETA parties ensure and increase their prosperity. CETA does not only create better opportunities for European producers of industrial products, agricultural products and services. It also reaffirms social and environmental standards and provides for a modern form of investment protection. CETA is a modern agreement that offers its parties a great opportunity to play an active role in globalization and to set fair and solid rules for this process. The high standards agreed between the EU and Canada will serve as a benchmark for future trade agreements. CETA has been applied on an interim basis since September 21, 2017.
However, this applies only to chapters for which the EU is solely responsible. As a result of the provisional entry into force of the agreement, EU businesses and citizens have been directly benefiting from CETA since 21 September 2017. Canada eliminates all tariffs on 98% of goods traded between the EU and Canada (with respect to customs positions). This will save EU businesses 590 million euros a year in tariffs. They also have the best access to Canadian federal, provincial and municipal public sector markets, which have ever been awarded to non-Canadian companies. CETA will not enter into full force until all Member States have ratified the agreement in accordance with their national constitutional procedures. Among the provisions that must be ratified by all EU Member States are the provisions relating to investor-state dispute settlement procedures, which are dealt with under CETA by an investment tribunal which will be held accountable by the public. Click here and/or visit the European Commission website for detailed information on CETA and next steps. The European Commission is committed to a new generation of free trade agreements, which will be concluded first and foremost with the world`s largest and fastest growing regions.
The aim is to boost growth and employment in Europe by improving the global competitiveness of European businesses. As a member of the EU, Germany`s official currency is the euro. The US euro-dollar exchange rate (USD-EUR) was traded within two percentage points between August 2016 and August 2017, 8 According to World Bank data, inflation in Germany rose from 0.234% in 2015 to 0.483% in 2016.9 The impact of the German market exceeds the country. Given that the country is hosting some of the world`s biggest international events, including MEDICA, the Hannover Motor Show, CeBIT, Automechanika and the ITB Tourism Show.10 The European Union is now considering whether the agreement complies with World Trade Organization (WTO) rules.