The Comprehensive Economic and Trade Agreement (CETA) is the result of over four years of negotiation, although still requires formal approval by EU member states and relevant parliaments.
Under the proposed new deal, almost all existing import taxes would be dropped on a huge range of products and services, including food and beverages, and the EU’s annual GDP would increase by approximately 12bn a year.
Sources: International Business Times, European Dairy Association, EU Commission
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