Bilateral trade between Cyprus and Canada between 2016 and 2024 grew by 258%, from €53.8 million in 2016 to more than €192.9 million in 2024, the European Commission said in a factsheet on the EU-Canada Comprehensive Economic and Trade Agreement (CETA).
According to the factsheet, since CETA’s provisional entry into application, Cypriot exports of goods to Canada grew by 157%, from €2.7 million in 2016 to over €6.9 million in 2024, while Cypriot exports of services grew by 164%, from €40 million in 2016 to more than €108 million in 2024.
It is added that since CETA’s provisional entry into application, Cypriot investments in Canada grew by more than 8%, from €153.9 million in 2016 to more than €167 million in 2024, with Cypriot exporters having benefited from €211,000 in cumulative duty savings since CETA entered into application provisionally thanks to the tariff reduction offered by the Agreement.
Among the factsheet's highlights is the growth of Cypriot exports of fire extinguishers to Canada by 570%, from €65,000 in 2016 to more than €438,000 in 2024, and of Cypriot cheese exports by 504%, from €335,000 in 2016 to more than €2 million in 2024.
It is further noted that Cypriot salt exports to Canada grew by 1557%, from €15,000 in 2016 to more than €260,000 in 2024, while Cypriot machinery and mechanical appliances exports to Canada grew by 533%, from €98,000 in 2016 to €621,000 in 2024.
(Source: CNA)
