BUSINESS DIPLOMACY ECONOMY

Canadian Embassy, Romanian Chamber of Commerce and Industry organize CETA information events

The Canadian Embassy in Bucharest will organize in the coming months in partnership with the Romanian Chamber of Commerce and Industry a series of events to inform Romanian companies and the public about the benefits the EU – Canada Comprehensive Economic and Trade Agreement (CETA) will bring the Romanian economy.

Romanian companies interested in developing new commercial relations or strengthening existing ties with Canada-based companies are invited to complete a CETA Questionnaire put out by the Romanian Chamber of Commerce and Industry, the diplomatic mission said in a release this Friday.

Canadian Ambassador to Romania Kevin Hamilton welcomed the successful completion of the approval process for the EU – Canada trade pact that will become operational in Canada once the Canadian Parliament ratifies it this spring. CETA reflects our commitment to generating economic growth on both sides of the Atlantic, through as extensively developed as possible commercial and investment relationships, the Ambassador said as quoted in the release.

President of the Romanian Chamber of Commerce and Industry Mihai Daraban made a presentation of the benefits CETA will bring to Romanian companies. “I’m sure Romanian entrepreneurs will take this new opportunity to expand their business. (…) As one of the countries benefiting from CETA, I hope that Romania will be among the first EU member states to ratify the agreement,” he added.

On February 15 the European Parliament formally approved in Strasbourg the EU – Canada Comprehensive Economic and Trade Agreement. As CETA gradually comes into force it is estimated that the volume of bilateral trade relations between Canada and the European Union will increase: EU exports to Canada will grow by a yearly 23 pct, reaching up to 17 billion euros a year, while the GDP gains for the EU will be as high as 11.6 billion euro each year, the cited source said.

In addition to reducing export tariffs the CETA will give an important boost to service exports and investments between Canada and Romania, enabling the mutual recognition of professional qualifications, it will increase the competitiveness of Romanian companies on the Canadian market and reduce company spending with exports without jeopardizing current standards on environmental protection and employee rights.

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