April 28, 2017

Free trade agreement with Canada given the Green Light

When in full force, The CETA agreement (Canada Comprehensive Economic and Trade Agreement) is set to eliminate custom tariffs on footwear and also among other aspects.

When in full force, The CETA agreement (Canada Comprehensive Economic and Trade Agreement) is set to eliminate custom tariffs on footwear and also among other aspects.

The European Union and Canada are moving even closer to free trade. The European parliament confirmed the economic and commercial CETA (Canada Comprehensive Economic and Trade Agreement) between both territories which took place in October and now the agreement should be given the green light for members of the European Union. The European Commission and the Canadian Executive closed the agreement in November after 7 years of negotiations.

Font:The Slovak Spectator

Members of the Comprehensive Economic and Trade Agreement (CETA) say it will help boost trade between the two territories by 20% therefore increasing commercial trade. In terms of the footwear industry, the entry of the free trade agreement is set to eliminate custom tariffs, according to the Spanish Footwear Industry Federation (FICE). At the moment, taxes on these items are about 20%.

The agreement will encourage commercial trade of up to 20,000 million euro’s each year.

Canada currently ranks 36th out of the top destinations of exports of Spanish fashion according to data from ICEX. DESIGUAL is the Spanish company in the fashion sector which has the highest presence already in Canada with more than 100 operating stores. INDITEX, on the other hand, at the moment just has 35 establishments, the majority of them being Zara. There is only one Mango store open in the country, 3 Tous stores open in Toronto and also Camper has a store in Montreal and another in Vancouver.

Font:mequieroir.com

With this free agreement,DIGNO MIGNON the new prominent platform for children’s, kids and baby fashion, accessories and nursery products, will be a great occasion for European companies to approach their brand to the Canadian market as well as receive contacts with local agents and distributors. Therefore, it is a beginning opportunity to access the lucrative market of Canada which is now one of the most prosperous economies. The trade fair will take place for the first time this year on 30th July to 1st August 2017 at the Montreal Palais de Congrès.