Canada and Italy have a long-standing trade relationship that has been fostered by several trade agreements. These agreements have helped to promote bilateral trade between the two countries, which has resulted in increased economic opportunities and benefits. In this article, we will explore the Canada trade agreements with Italy and how they have impacted the trade relationship between the two countries.
The Canada-Italy Free Trade Agreement (CIFTA) was signed in 2008 and came into effect in 2009. The agreement was designed to eliminate tariffs on goods traded between the two countries gradually. Since the implementation of CIFTA, trade between Canada and Italy has increased significantly. The agreement has provided Canadian businesses with access to the Italian market, which has resulted in increased exports of Canadian goods and services.
One of the key sectors that have benefitted from CIFTA is the agri-food sector. Italy is known for its high-quality food products, and CIFTA has facilitated increased export opportunities for Canadian producers of meat, cheese, and wine. The agreement has also reduced tariffs on products such as pasta, olive oil, and fruits, making it easier for Italian businesses to export to Canada.
Apart from CIFTA, Canada and Italy have also signed other trade agreements that have helped to promote trade between the two countries. These include the European Union-Canada Comprehensive Economic and Trade Agreement (CETA) and the Canada-Italy Strategic Partnership Agreement.
CETA is a landmark trade agreement that provides Canadian businesses with access to the European market. Italy is one of the largest economies within the European Union, and CETA has provided Canadian businesses with enhanced access to the Italian market. The agreement has eliminated tariffs on several Canadian products and has facilitated increased trade in sectors such as agriculture, seafood, and forestry.
The Canada-Italy Strategic Partnership Agreement was signed in 2019 and is designed to promote cooperation between the two countries. The agreement focuses on areas such as science and technology, education, and culture. It provides a framework for increased collaboration between Canadian and Italian businesses and organizations.
In conclusion, Canada and Italy`s trade relationship has been strengthened by several trade agreements, including CIFTA, CETA, and the Canada-Italy Strategic Partnership Agreement. These agreements have helped to eliminate tariffs, increase market access, and promote collaboration between businesses. The agreements have been instrumental in fostering a mutually beneficial trade relationship between the two countries, and there is room for continued growth and cooperation in the future.