BCCI: CETA will benefit both Canada and the EU

CETA will benefit both Canada and the European Union and the mutual trade turnover will increase by over 20 per cent. The removal of customs duties, which currently are between 12-15%, will increase the exports of traditionally strong Bulgarian production, such as machinery, electronics, electrical engineering, textiles, the President of BCCI Tsvetan Simeonov predicted for the “EVRANET PLUS” programme of the Bulgarian National Radio, adding that the benefits will be not only for the economy as a whole, but for end users as well, which will enjoy cheaper goods.

According to data of the European Commission, 286 Bulgarian companies which employ 6400 people are exporting to Canada.

Are there risks related to imports, however, as the opponents of the trade agreement claim? According to Tsvetan Simeonov, imports will even be brought into the light, the movement of goods will be traceable, and the EU rules have sufficient mechanisms to ensure informed consumer choice.

Despite the attempts for resuscitation, the closing of economies is a stage long gone. CETA is a challenge, but a challenge for the better, said Tsvetan Simeonov, because it will make the economy more competitive.

The Agreement is expected to partially enter into force in April, and Canada to fulfil its promise to abolish visas for Bulgarian citizens.