On February 15, 2017 the European Parliament votes on the historic EU-Canada trade deal, CETA. The agreement is set to boost Europe's trade income by some 11.6 billion euros a year, and Canada's by 8.2 billion euros.
There were cheers, and there were tears and dismay, but in the end the EU-Canada trade deal, CETA, was signed The Comprehensive Economic and Trade Agreement eliminates almost all import duties between Canada and the EU. The EU is set to gain some 11.6 billion euros worth of income a year, and Canada 8.2 billion euros. The deal gives the EU the green light to bid for Canadian public contracts, while making more affordable products available in Canada. In exchange, Canada gets almost unlimited access to the large EU market, where it can sell its products at a competitive advantage. CETA also ensures both sides recognise university diplomas and are allowed to protect specialty foods like olives, local cheeses and hams. Labour standards are not affected. The deal also protects public services, as well as certain foods, like milk or poultry. Supporters of the agreement claim exporters will save up to 500 million euros a year. The European Parliament's trade committee voted for the deal. Now it's up to the plenary to ratify it, then national parliaments get their say. But critics say the EU hasn't learned from Brexit, branding CETA a bounty for extremist parties across Europe. Even if CETA goes through, other transatlantic treaties are in doubt: US President Donald Trump has promised to reject trade agreements that don't favour American industries.