The Canada-EU Trade Agreement
Under the Canada-EU Comprehensive Economic and Trade Agreement (CETA), businesses in Canada and the European Union must comply with certain rules to avoid unnecessary costs. See how Assent can help.
Compliance With the Canada-EU Trade Agreement
The free flow of goods and services between Canada and the European Union is covered under the Canada-EU Comprehensive Economic and Trade Agreement (CETA), which came into effect in 2017. The agreement has complex requirements — manufacturers must scope product type for each country a product travels through, collect data from suppliers, and organize that information for customs officials.
To stay on top of these requirements, manufacturers need to know where their parts are sourced from, what region(s) parts or products travel through to get to the EU, and whether any changes to product sourcing impact applicability to CETA. It can also be difficult to collect this data from suppliers.
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The Risks of Non-Compliance With CETA
Failure to comply with CETA rules and regulations could result in losing access to the benefits of CETA, including the elimination of preferential tariffs. It could also mean delays or seizures at border crossings due to incorrect labeling.
Learn more about recent enforcement actions that demonstrate why proactive compliance is a business must.
Managing Data for Trade Compliance
If businesses don’t have the right certificates under certain free trade agreements, they may struggle to move their products into global markets, which can result in embargoes. Free trade certificates are beneficial for accessing tariff exemptions, which could result in cost savings.
This guide explains how to efficiently manage trade compliance data, strategies for mitigating risk at the point of import and export, how to leverage compliance data to maximize tariff deductions, and penalties for non-compliance.
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The Assent Advantage
Assent does what no one else can. We’re the only supply chain sustainability management solution built specifically for complex manufacturers, allowing you to manage compliance data in a single platform across your entire company. Built on industry best practices, our platform helps you prioritize high-risk suppliers for deeper screening or training. Additionally, our regulatory experts can provide support on how to meet CETA requirements so you can make the journey from impossible to sustainable.
Solutions for Trade Compliance
Learn about our trade compliance capabilities and how it uncovers hidden risks and opportunities.
Industry Solutions for Complex Manufacturing
Discover how our automated supply chain sustainability management solutions help complex manufacturers see deeper, be smarter, and grow better.
CETA Resources
Browse related education, regulatory information, and expert-led webinars from our resource library and blog.
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