The European Parliament has approved the historic Comprehensive Economic and Trade Agreement (CETA), clearing one of its last hurdles. Seven years in the making, the deal is set to ease trade barriers between Canada and the EU, and remains to be ratified by national parliaments.
It's effectively signed, sealed, delivered. The trade agreement between Canada and Europe, known as CETA, is a big deal for both sides. New trade deals are basically one of the major, major sources of our wealth. It's not possible to imagine that we could make any trade deals with any other country or region if we can't do this with Canadians. Seven years in the making, businesses will soon see tariffs removed on most goods and services, and have easier access to each other's markets. Diplomas will be mutually recognised. Once in full swing, trade between the two is set to increase by 20%. But those against CETA are still concerned the deal puts corporations before people. They worry governments will have less power to protect health, safety, labour, or the environment. This deal will not undermine our health. This deal will not decrease European standards. This deal will not be capable also to decrease the sovereignty of the states. Also, 143 products specific to a region in the EU – from Roquefort cheese to Modena balsamic vinegar – will be protected from imitations. With Parliament's approval, most of the agreement could apply from as early as spring. One last hurdle remains: only after all national parliaments have ratified the deal can CETA be fully in place.