EU-Canada Comprehensive Economic and Trade Agreement (CETA) - Opportunities for Maltese Companies
The recently struck free trade deal between the EU and Canada (CETA) is expected to benefit Maltese companies by scrapping customs tariffs for local exporters and importers, opening up the Canadian market to Maltese firms and enabling them to bid for more public contracts in Canada. The new arrangement is said to stimulate further investment, making it easier for Maltese professionals to work in Canada and, encourage our SMEs to tap new markets abroad.
Canada is Malta's 7th largest goods export market outside the EU. CETA will mean big savings on customs duties by eliminating duties on 99% of all tariff lines, of which 98% will already be scrapped at entry into force. Malta will benefit from tariffs being removed on virtually all of its exports, particularly pharmaceuticals, machinery and electrical equipment and chemicals.
Canada is currently Malta's biggest market for services exports outside the EU. Malta's main services exports to Canada are financial, transport and tourism services. With CETA, Maltese companies will gain access to Canada's large public procurement market. Maltese companies will have the opportunity to bid to supply goods and services for tenders at all levels of government in Canada (federal, provincial and municipal).
More information about CETA and its impact on Maltese companies can be found on www.mbb.org.mt
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