Each and every year significant changes in the global trade winds take place. 2016 looks to be no different. New developments are predicted to play a large role in nearly every facet of trading this year. The majority of Canadian businesses that import and export goods will be affected.

Varied in scope and broad in substance – most of these groundbreaking developments are the result of many years of implementation phases and negotiations.

Here’s a quick rundown of the major changes your business must pay attention to in 2016:

CBSA Assessment and Revenue Management Project (CARM): CARM is a long term project that changes the manner in which businesses will interact with the Canada Border Services Agency (CBSA). The project will completely transform how companies assess, collect, manage, and report a variety of trade information. The first phase of CARM is called the Accounts Receivable Ledger (ARL) and begins on January 25, 2016. The CARM implementation process is expected to be fully completed by 2020.

Comprehensive Economic and Trade Agreement (CETA): The most ambitious trade initiative ever compiled between Canada and the European Union is expected to come into play in full force over 2016. A broader agreement than NAFTA – CETA should provide significant improvements to any goods that qualify under rules of origin. CETA is expected to bolster trade between Canada and the EU by nearly $37 billion annually.

Information Technology Agreement (ITA): An agreement put together by the World Trade Organization, the ITA would eliminate tariffs on over 200 IT products around the world. The elimination of these tariffs is valued at $1.3 trillion per year, but the deal has yet to be approved. ITA is the first tariff-cutting agreement from the WTO in over 18. The deal involves over 80 countries, including all of the major players like the U.S., China, and Canada.

Single Window Initiative (SWI): This is a joint initiative from CBSA and numerous other federal government departments in Canada that prefer to receive shipment release info in an electronic format. SWI gives commercial traders a single platform to submit any and all information that is required to comply with customs. SWI is Canada’s counterpart with regards to the Beyond the Border action plan that was created between U.S. and Canada.

Trans-Pacific Partnership (TPP): The single biggest trade deal in the history of trade deals – the TPP came to an agreement in October 2015 after seven long years at the negotiating table. TPP must be ratified through the government of every country involved (12 in total). Benefits stemming from the TPP would be significant for Canadian companies, including lowering or even eliminating tariffs on numerous products.

Transatlantic Trade and Investment Partnership (T-TIP): T-TIP is another trade agreement in the works between the U.S., 28 European nations, and Canada. The deal would increase access to European and Canadian markets. Businesses in Canada that offer highly regulated products will find the deal simplifies trade in the EU significantly.

Be Ready for Change

With so many changes in the trade winds for this upcoming year, it’s easy for Canadian importers and exporters to feel overwhelmed. The best thing you can do for your business is to stay ahead of the changes by being prepared. Understand what changes are coming and get ready.