European Parliament Approves CETA

Feb 16, 2017, 00:41
European Parliament Approves CETA

No EU country has ever stopped a trade agreement from going into effect by refusing to ratify a final deal.

Donald Trump is also widely expected to drop a similar proposed deal with the European Union known as the Transatlantic Trade and Investment Partnership - or TTIP - after vowing to put "America first".

Trudeau said after the signing ceremony that "the work is just beginning".

Canada is a country with whom we share common values and an ally we can rely on.

The European Parliament has approved on Wednesday the Canada-EU free trade deal.

European Parliament on Wednesday adopted draft reforms of the EU's carbon market post-2020 that aim to balance greater cuts in greenhouse gases with protection for energy-intensive industries.

In 2015, about 28.3 billion euros worth of Canadian goods were imported into Europe, while the European Union exported goods worth 35.2 billion euros, all of which is expected to increase by more than 20 percent when the deal is fully implemented, according to the EU.

Up until now Canada and the U.S. have been the world's largest trading partners with $670 billion worth of goods and services traded in 2015.

"That means that the global trading and security architecture to which we owe our unprecedented peace and prosperity is also threatened as never before". The sadness being only that more trade makes us richer and so in the absence of more trade we'll be poorer than we could be.

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MEPs however insisted on a more ambitious scheme than that proposed by the commission, the executive arm of the 28-nation EU. In 2015 alone, Canada imported $338 billion worth of goods and services from the USA against a $325 billion export.

"We rely so heavily on export markets that any time we can secure these type of trade deals it's always good for Canadian farmers and wheat farmers in particular", he said.

The North American Free Trade Agreement (NAFTA) facilitated it further. Ceta has been described as the little brother of equally opposed US-EU trade deal "TTIP", which looks to have collapsed following widespread opposition past year.

But US President Donald Trump as part of his election pledge ordered the withdrawal from TPP and renegotiation of NAFTA.

According to the trade group a CETA deal would also help protect Scotch's geographical indication (GI) in the market.

French National Front leader and presidential candidate Marine Le Pen claimed the "terrible" agreement will undermine thousands of jobs in Europe and eliminate the rights of governments to legislate. But as we all know it ain't over until the Fat Lady sings and so it is also true that this is not the end of the Ceta ratification process.

Members of the European Parliament voted today in plenary on the Commission's proposal to revise the European Emission Trading Scheme (ETS) Directive.

For Canada, the deal is important to reduce its reliance on the USA as an export market.