The agreement will gradually open markets for goods, services, investment and public procurement. The longest transitional periods for elimination of customs tariffs for goods will last no longer than 7 years. For the most sensitive agricultural goods tariff quotas will be maintained. In the field of public procurement, Canada has committed itself to open up its market not only at Federal, but also at provincial level, which was particularly important for the EU.
Following the adoption of the political agreement, experts will continue to work with technical details. The agreement will enter into force after it is approved by all EU Member States and Canada's 10 provinces.
The EU and Canada aimed to conclude negotiations in 2012, but the two sides were unable to reach an agreement on a few highly sensitive issues for both sides, such as the EU quota on dairy exports to Canada and greater EU access for Canadian beef and pork producers, protection of European investors in Canada, conditions for procurement in urban transportation of Ontario and Quebec, protection of Geographical indications (GIs) for several EU products.
In 2013, negotiators continued to work intensely, several highest-level political meetings were held. Nevertheless, there was no political breakthrough in the negotiations. Only at the end of September and beginning of October after making great efforts, the sides finally reached an agreement on import quotas and protection of Geographical indications (GIs) for EU products.
After the agreement enters into force, Lithuania should intensify exports of processed meat and dairy products to Canada. In the meantime, telecommunications, IT, construction services could be potential services and procurement sectors for Lithuanian business in Canada.
The EU is currently negotiating free trade agreements with two G8 countries: the United States and Japan.
