Sector News

Cefic, European industry call for endorsement of EU-Canada trade deal

January 16, 2017
Chemical Value Chain

Cefic has joined European industry associations through the Alliance for a Competitive European Industry (ACEI) in writing to the European Parliament, calling for it to endorse the Comprehensive Economic and Trade Agreement (CETA), at its plenary session February.

CETA is being negotiated by the European Union and Canada. The trade deal will strengthen the trade and investment relations between two of the most-advanced economies and like-minded partners, according to Cefic and ACEI. EU chemical trade alone with Canada amounted to €2.5 billion ($2.7 billion), with an annual trade surplus of almost €1 billion for the European Union in 2015, according to Cefic.

“The positive signal from the parliament this week in the [environment] committee gives us hope,” says Marco Mensink, Cefic director general and ACEI chair. “We hope the February deadline will keep this momentum going,” Mensink says.

Eliminating customs duties on almost all products and reducing technical barriers to trade will increase trade in goods and services between the European Union and Canada nearly 25% and lift EU output about €12 billion/year, according to the European Commission. Tariff savings for EU exporters are estimated to be approximately €470 million/year for industrial goods. CETA will create major opportunities across all areas of the economy, including those sectors dominated by small and medium-size enterprises with the elimination of duties at entry for most products, according to the letter.

By Michael Ravenscroft

Source: Chemical Week

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