he Canada Border Services Agency (CBSA) announced the signing of a Mutual Recognition Agreement with the European Union’s (EU) Taxation and Customs Union (TAXUD) to honour each other’s Trusted Trader programs.
This agreement will contribute to increasing security of the international supply chain, facilitating trade at the border, and strengthening the economic competitiveness of Canadians doing business with the EU.
Members of Canada’s Trusted Trader program, Partners in Protection (PIP), will have their goods treated as low risk and cleared by EU Customs faster, ultimately saving time and money at the border. The CBSA will do the same for members of the EU’s Trusted Trader program, which is referred to as their Authorized Economic Operator program. This will also allow the CBSA to focus its resources on areas of higher or unknown risk and protect Canadians by preventing contraband from entering the country.
- The EU is one of the largest economies in the world and Canada’s second-largest trading partner after the United States.
- The EU is a large, dynamic market of 450 million consumers that offers tremendous opportunities for Canadian businesses in a wide range of sectors.
- The Canada-EU Comprehensive and Economic Trade Agreement has significantly expanded commercial opportunities between the parties.
- In 2021, the value of trade in goods between the EU and Canada was approximately $88.2 billion.
- In addition to this agreement with the EU, the CBSA has established mutual recognition with the customs administrations of Australia, Hong Kong, Israel, Japan, Mexico, New Zealand, Peru, Singapore, South Korea and the United States.