Minister Mykkänen: Canada Agreement an important step for Finnish companies
Press release 34/2017
15 February 2017
On 15 February, the European Parliament voted clearly in favour of the EU-Canada Comprehensive Economic and Trade Agreement (CETA). The provisional application of the Agreement, signed in October, is expected to start during the spring.
“The good news from Finland's point of view is that the European Parliament adopted CETA by such a clear majority, showing evidence of resolve to defend free trade. Now that the provisional application of the Agreement can soon start, it will be easier for Finnish companies to enter the Canadian market of 35 million people,” says Minister for Foreign Trade and Development Kai Mykkänen.
“In the current situation, the EU is required to show greater leadership and therefore be more active than before to be able to reach trade agreements that benefit business activities and consumers. CETA is an excellent benchmark in this respect.”
The CETA Agreement will eliminate tariffs on all industrial products either immediately or within a transition period of no longer than seven years. Products’ double testing for EU and Canadian markets will be reduced and companies will enjoy marked savings. The Agreement will expand European companies’ opportunities of participation in the procurement markets of Canadian provinces and big cities.
In 2015, the value of Finnish exports of goods to Canada was EUR 481 million and exports of services EUR 269 million. Canadian imports of goods to Finland amounted to EUR 518 million. The value of Canadian exports of services to Finland was EUR 62 million.
The provisional application is based on the provisions of the CETA Agreement and the Treaty on the European Union. This is a customary arrangement, according to which a treaty or its part can be applied provisionally prior to its entry into force. However, the provisional application concerns only provisions that fall under the competence of the EU. The investment court system will remain outside the provisional application.
CETA must be adopted in the national parliaments in due course – in Finland in Parliament to the extent that it falls under Finland's competence.
Inquiries: Jukka Pesola, Director, tel. +358 295 351 029, and Mary-Anne Nojonen, Commercial Counsellor, tel. +358 295 351 494, Trade Policy Unit
The Foreign Ministry’s email addresses are in the format email@example.com