Europe’s food and drink manufacturers welcome milestone in EU-Canada trade talks

FoodDrinkEurope, the trade body representing Europe’s food and drink industry (Europe’s largest manufacturing sector in terms of turnover and employment), welcomes the political agreement reached between the EU and Canada on the key elements of the Comprehensive Economic and Trade Agreement (CETA). 

Canada is the eighth most important export destination for EU food and drink products, which amount to 8% of the total EU export of goods to Canada. For the European Union, the Canadian market has an annual export value of €2.6 billion and an import value of €0.7 billion, leading to a positive trade balance for the EU of €1.9 billion. Major EU food and drink products exported to Canada include: wine, spirits, beer, chocolate, pastries, biscuits, dairy products, fruit and vegetable products. 

FoodDrinkEurope welcomes the fact that the proposed agreement will eliminate over 99% of tariffs between the EU and Canada, as well as provide further protection and recognition for 145 Geographical Indications (GIs). The elimination of non-tariff barriers will also be critical to the success of this proposed agreement, as it will improve transparency and enable greater access to both markets. FoodDrinkEurope looks forward to the final details of the agreement and the conclusion of negotiations. 

FoodDrinkEurope President Jesús Serafín Pérez said: 

“FoodDrinkEurope welcomes recent developments on the proposed Comprehensive Economic and Trade Agreement (CETA) between the European Union and Canada. This agreement has the potential to drive growth and facilitate access to a major export market, thereby generating new opportunities for Europe’s food and drink industry, the world’s biggest exporter and importer of food and drink products.” 

Source: Food DrinkEurope