The CETA between Canada and the European Union has transformed trade between the two subscribers, bringing great benefits to Italy with an average annual growth rate of +5.5%.
Entered into force in September 2017, the “Comprehensive Economic and Trade Agreement” between Canada and the European Union, known as Ceta for its abbreviation, changed the trade between the two subscribers, bringing great benefits to Italy with an average annual growth rate, between 2017 and 2021, of + 5.5%.
Although at the time some acronyms of the agricultural world expressed criticism and opposition to the agreement, as Sace revealed, the main part of the exports was made by the Italian food sector: export rates of more than 80% of the products were observed. Sectors such as processed food products, ceramic tiles and glass and stone work, textiles and clothing, footwear and transport equipment have a lower proportion, but are still around 65%.
In the last five years, thanks to food, Canada has become the tenth place in Italian exports outside the EU, gaining four places. Even partial data for this year confirm this good trend: + 28.8% for Italian exports in the first half of 2022 compared to the same period in 2021. About 60% of Italian goods imported from Canada, amounting to 3.7 billion euros in 2020, are subject to duty equal to zero according to the MFN, Most Favored Nation rule: the rest, however, are eligible under the Ceta preferential regime.
This agreement does not only benefit the export of goods. Since 2018, the first full year since the application of Ceta, significant flows of Italian direct investments have been registered in Canada: on average, 500 million euros between 2018 and 2021 against 153 million in the period 2014-2017. In 2021, the share of investments reached 4.5 billion euros.
The facilities granted to European companies to access tenders and invest in this market continue to offer important opportunities in light of the infrastructure projects the country is promoting: for example, Quebec 2022-2032 worth 142.5 billion dollars.
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