Speaking on the occasion of the first anniversary of the implementation of the Comprehensive Economic and Trade Agreement (CETA) between the EU and Canada, Croatian Parliament Speaker Gordan Jandrokovic said in Zagreb on Tuesday he firmly believed all EU members would ratify the agreement because in that way both the EU and Canada would profit.

“CETA is in the interest of both the European Union and Canada. It will additionally strengthen the position not only of small and medium-sized enterprises but also of large enterprises that have high-quality products and can compete on the very demanding Canadian market,” Jandrokovic said at a ceremony in the Zagreb Sheraton hotel which was also attended by Geoff Regan, Speaker of the House of Commons of the Canadian Parliament.

The agreement has so far been ratified by 12 EU member countries. Croatia ratified it on November 9 2017, as the third EU country to do so, while Finland is so far the last to have ratified it, earlier this month.

CETA is opening up the space for larger investments, and trade will contribute to the greater prosperity of citizens of both Canada and the EU, said Geoff Regan.

CETA in many ways facilitates trade between Canada and the EU, and that is why we are looking forward to the second year of CETA implementation in Croatia, said Canadian Ambassador to Croatia Daniel Maksymiuk.

CETA provisionally entered into force on September 21, 2017, when all trade-related elements of the agreement started to apply, including the lifting of customs on 98 percent of products, access to the market, the possibility of participating in public procurement tenders, and regulatory cooperation.

Across the EU, reports from the period of October 2017 to June 2018 showed that exports to Canada rose by 7 percent on the year.

The agreement will be provisionally in force until all EU member countries ratify it.

“The agreement is a new opportunity for all European enterprises, especially small ones, to export to Canada. Thanks to CETA, enterprises have so far managed to save more than €600 million in customs costs,” said Branko Baricevic, of the European Commission Representation in Croatia.

Baricevic added that CETA was one of the most advanced trade agreements, promoting environmental protection and sustainable development.

Last year, the two countries marked 25 years of bilateral relations.

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