The Comprehensive Economic and Trade Agreement tries to make easier to export goods and services between Canada and the European Union, reporting benefits to both people and businesses from both territories.
It came into force on 21st September 2017, after having been approved by the European Parliament in September, but only provisionally. It will only take full effect once every national parliament in EU countries approve it.
Once this happens, this new trade deal will cut 98% of tariffs between them, boosting trade and investment. It will also allow European firms to bid for Canadian public contracts and to sell their goods and services in Canada (it enables smaller EU firms in particular to export more to Canada), and it will recognise European qualifications in Canada among other things.
Right now the EU is already a major exporter of machinery, chemicals and food and drinks to Canada. With this new agreement EU businesses will save each year up to 590 million euros each year in Canadian custom duties, making EU exporters way more competitive.