International Affairs
The Luxembourg Chamber of Commerce welcomes the vote by the Members of Parliament to ratify the Comprehensive Economic and Trade Agreement between Canada and the European Union (CETA) on Wednesday 06.05.2020.
CETA offers Luxembourg companies direct access to the Canadian market and the natural resources that the country offers.
The agreement temporarily and partially entered into force in 2017 following approval by the European Parliament. It also required the approval of the national parliaments of the 27 EU member states for the part concerning investment protection and arbitration. As these parts are integrated into a single agreement, the complete text of CETA was submitted to the vote of the Chamber of Deputies.
In addition to the trade agreement, Luxembourg's MPs voted on a bill to approve a strategic partnership agreement between the EU and Canada. Provisionally in force since April 2017, this agreement aims to strengthen and institutionalise the historically close political relations between the EU and Canada in various fields such as foreign affairs, the environment, research and innovation and data protection.
Canada is number 3 in the world for easiness in starting a business and geographically an ideal test location for entering the entire North American market. The service sector is the fastest growing segment of the Canadian economy, with a highly developed infrastructure that has helped support the expansion of services by providing state-of-the-art telecommunications, transportation and utilities.
For additional information about opportunities for your company, and what impact CETA can have on your activities with Canada, please contact the team of the International Affairs: northamerica@cc.lu. And find the country information by clicking here