Tariffs on almost 98 per cent of all goods being traded between the EU and Canada will be completely eliminated. For the vast majority of such goods, this will be the case as soon as the agreement takes effect. No previous agreement by the EU has provided for this. Transitional periods will apply on both sides, particularly for cars and shipbuilding.

According to calculations by the European Commission, the tariff reductions will save European exporters around €590 million a year.