Some facts on Canada and Spain
Current state of bilateral trade relations between Spain and Canada
Spain´s exports to Canada have risen by 137% since 2000. In the past five years the number of Spanish businesses exporting to Canada rose by 35% overall, with that of regular exporters growing by 51%. The principal exports by product/sector were pharmaceuticals, machinery/mechanical, fuel and beverages.
Spain ranks as Canada´s:
22nd trade consumer (2015)
18th trade supplier, accounting for 0.44% of imports (2015).
21st investorin cumulative terms, at € 1,021 million € (latest data available, Dec. 2014)
Canada ranks as Spain´s:
30th tradeconsumer (2015)
44th trade supplier, accounting for 0.36% of imports (2015).
20th largest investor in cumulative terms, accounting for total FDI share of 0.27% (latest data available, Dec. 2014).
The gross flow of Spanish investment in Canada has risen over the past fifteen years.
By sector (2014) Spanish investment in Canada has generally focused on real estate, civil engineering, the chemical industry and the financial services sector. In 2015 investment in oil and gas increased as well.
Canada´s share of total Spanish DFI (Dec. 2014) is 0.25%.
In 1978 Canada and Spain signed an agreement to avoid double taxation. In December 2015 a new protocol went into force that amends the agreement to include the prevention of tax evasion.
In September 2014, after five years of negotiations, the European Union and Canada agreed on the Comprehensive Economic and Trade Agreement EU-Canada, CETA.
The first ambitious trade agreement between the EU with a G8 nation, CETA promises to significantly boost trade and investment by Spanish companies in the Canadian market.
The full text of the CETA agreement is now pending legal review and approval by the EU Council and the Parliament. It is expected to go into force in 2017.
The entry in force of CETA will create a series of economic and commercial opportunities:
100% of tariffs levied on industrial products will be eliminated, as well as 92% of those on food and agriculture products. Overall, it is estimated that 99% of existing tariffs will be eliminated.
Access to public markets
European companies will be able to take part in both federal and provincial public tender contract procedures. The market is estimated to be over 80,000 MM euros per year.
Promotion and protection of investments
Lower barriers for European investors in Canada, who will receive equal and equitable treatment: there will be no discrimination compared to national investors, or new restrictions on foreign shareholdings.