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Chancellor Olaf Scholz recently visited Canada. Robert Habeck, Federal Minister of Economics, accompanied him. DIHK President Peter Adrian speaks of an important sign for international trade, as the DIHK reports.

Pending ratification of CETA

Trade between Canada and the EU is brisk. This could be further intensified if the trade agreement CETA (Comprehensive Economic and Trade Agreement) is ratified soon. The ratification process in Germany has now started.

Despite the pending ratification of the agreement in eleven other EU countries, the agreement with its trade facilitations has been applied provisionally since 2017. As a result, the trade volume between Germany and Canada grew by nine percent last year. Trade has grown by a fifth since 2017.

Trade agreements with other countries increasingly important

The German Chamber of Industry and Commerce advocates the expansion of further trade agreements, such as with Indonesia, India or Mercosur. In this way, the EU can give an important signal for open markets and rule-based trade, according to the DIHK President.

Source: dihk.de (german language)