CETA: EU approves trade deal with Canada

PRESIDENT OF SRI LANKA
PM - SRI LANKA
FINANCE MINISTER - SL
FOREIGN MINISTER
High Commissioner
Consul General
President, CSLBC
Sir Christopher Ondaatje
POLICY
BOI Sri Lanka

By Raf Casert The Associated Press – Courtesy

BRUSSELS – The European Union’s parliament approved a trade deal with Canada on Wednesday, extolling the pact as a sign of co-operation at a time when many political forces are trying to halt globalization.

After three hours of debate on Wednesday and years of negotiations preceding that, the EU’s legislature approved the deal by a margin of 408 for, 254 against with 33 abstentions, allowing for its provisional entry into force.

The vote should close the drawn-out approval process across the 28 member states, where some governments and legislations had tried to modify or scupper the deal. The Netherlands could conceivably still block the deal if it demands an advisory national referendum.

The vote for a major trade agreement comes at a time when populist parties in Europe and President Donald Trump in the United States, have been looking increasingly inward.

Trump has nixed a trade deal with Pacific countries, said he wants to renegotiate or replace the North American Free Trade Agrement and floated the idea of tariffs on imports.

“President Trump has given us another good reason to intensify our links with Canada – while Trump introduces tariffs, we are not only tearing them down but also setting the highest progressive standards,” said Guy Verhofstadt, the leader of the ALDE liberal group.

EU Commission President Jean-Claude Juncker called the vote “an important milestone” and said “EU companies and citizens will start to reap the benefits the agreement offers as soon as possible.”

Confident the deal would pass, Canadian International Trade Minister Francois-Philippe Champagne was already in Strasbourg.

Prime Minister Justin Trudeau is set to address the legislature on Thursday – a first for a Canadian leader – and to address top business leaders a day later in Germany.

The deal will drop barriers between the EU’s economy of half a billion people and Canada’s 35 million. Trade between the two sides amounts to more than 60 billion euros ($63 billion) a year, and the EU expects the so-called CETA deal to boost this by 20 per cent by removing almost all tariffs.

Critics say it could dilute standards for food safety or labour rights by giving more power to big corporations.

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