European Union parliament backs trade deal with Canada

NewsPolitics“Global Europe” secures trade deal with Canada as UK gets shut out Jack Peat

Trump also pulled out of the Trans-Pacific Partnership - a deal that included Canada - and is expected to freeze talks on the Trans-Atlantic Trade and Investment Partnership deal between the US and European Union, for which CETA was seen as a precursor.

MEPs are expected to approve Ceta, the EU-Canada trade agreement, on Wednesday (15 February), amid concerns about the United States administration's trade protectionism.

CETA, he insisted, will do "just that" because "at its heart, CETA is a framework for trade that works for everyone", he said.

The Comprehensive Economic and Trade Agreement had once been set to pave the way for an EU-U.S. deal but now looks like a rare multilateral success story in a protectionist era.

UK Steel has welcomed the reforms to the EU Emissions Trading System (ETS) announced by MEPs today and giving steelmakers hope that future costs might be kept in check.

Across the Atlantic, the CETA implementation bill is working its way through the Canadian parliament, having passed three readings in the House of Commons and now being considered in the Senate.

The European Commission will have to come forward with a safeguard clause, including compensation, should there be a really harsh and negative impact from CETA on beef, Irish MEP Mairead McGuinness has said.

The US is also Canada's most important direct investment destination, with $448 billion investment in stocks in the same year. We welcome in particular the better access for European Union dairy products and wine to the Canadian markets but we will remain vigilant especially vis a vis the increased market access for Canadian beef meat and pig meat to the European Union under the deal.

The North American Free Trade Agreement (NAFTA) facilitated it further.

"By adopting CETA, we chose openness and growth and high standards over protectionism and stagnation".

Trudeau's recent visit to the White House, kicking off a whirlwind week of worldwide travel, was closely watched in the European Union, which endured another round of bashing this week from Trump's pick for ambassador to Brussels. An upset in NAFTA or any change in it would put the Canadian economy in trouble.

The Canadian PM said in agreeing to ratify CETA, both sides had shown they value trade and "the prosperity that comes with it". "Trade is a good thing for the world".

The signing ceremony in October 2016 was delayed by a month as a small regional government, Wallonia in Belgium, vetoed against the deal.

EU Trade Commissioner Cecilia Malmström made a fervent appeal that CETA will not only save EU exporters 500 million in tariffs, but also that it is a modern deal including labour, environmental and sustainability standards for the first time.

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