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Ambassador: CETA Will Boost Economic Ties Between Canada And Hungary

By Tamás Székely // 2015.05.13.

Hungarian-Canadian economic ties are set to strengthen further once the Comprehensive Trade and Economic Agreement (CETA) between the European Union and Canada comes into effect in 2016, Canada’s ambassador to Hungary said in Eger. Speaking at an event organised by the Heves County Chamber of Commerce and Industry, Lisa Helfand said the negotiation process ended in September and the full document was now available online.

Helfand said that an EU-Canada joint study conducted before the signing of the treaty indicated that the agreement could boost bilateral trade by 20%, generating GDP gains of up to 11.6 billion euros per year in the EU. The ambassador said Hungary was Canada’s 12th largest trading partner in terms of received FDI, with 11 billion dollars worth of investments. The CETA will boost Hungary’s trade, investments and service sector, she said. Helfand said the CETA will eliminate customs duties between EU and Canada for 98% of products, expanding export opportunities for Hungarian companies.

The ambassador said the agreement will benefit key Hungarian export products and sectors, such as automotive industry components, machinery, telecommunications technologies, agriculture and the wine sector. Zsófia Hornok, commercial counsellor at the Hungarian embassy in Canada, said the CETA did not have any bearing on the issue of GMOs or hormone treatments in relation to European laws.

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