The EU-Canada Comprehensive Economic and Trade Agreement enters into force

© REUTERS / Francois LenoirCanada's Prime Minister JustinTrudeau and European Council President Donald Tusk attend the signing ceremony of the Comprehensive Economic and Trade Agreement (CETA), at the European Council in Brussels, Belgium, October 30, 2016
Canada's Prime Minister JustinTrudeau and European Council President Donald Tusk attend the signing ceremony of the Comprehensive Economic and Trade Agreement (CETA), at the European Council in Brussels, Belgium, October 30, 2016 - Sputnik Moldova-România
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The Comprehensive Economic and Trade Agreement between Canada and the European Union (CETA) enters into force provisionally as of Thursday.

BUCHAREST, 22 sept — Sputnik. The EU-Canada Comprehensive Economic and Trade Agreement enters into force provisionally as of Thursday, which means that 98% of customs duties are eliminated, Ambassador of Canada to Romania Kevin Hamilton said at a press conference.

"Today is a historic day. As of this morning, all commercial exchanges are exempt from customs duties. Therefore this agreement is to create new and big opportunities both for European states and Canada, and it will open new markets for exporters, generating new high-quality jobs and strengthening the existent relations between Canada and the economies of the EU states", the diplomat said.

According to Hamilton, the estimated effects are the growth by 23 percent of exports from the EU to Canada, each year, as well as an increase of 11.6 billion euro per year in the EU GDP.

President of the Romanian Chamber of Commerce and Industry Mihai Daraban stated that 42,000 Romanian jobs are currently dependent directly on the commercial activity between Romania and Canada.

Romania will benefit from the drop in tariffs for some of its most competitive export products, including leather products and footwear, agricultural products, ship construction services, auto vehicles and auto parts, ceramic and textile products.

In addition to the reduction of tariffs for the export goods, CETA will allow mutual recognition of professional qualifications.

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