European Parliament approves Canada-EU Trade Deal

The European Union's parliament approved the EU-Canada Comprehensive Economic and Trade Agreement (CETA) yesterday, creating new business opportunities for both large and small companies both in the EU and Canada.

The agreement was approved with 408 votes in favor and 254 against, after three hours of debate and years of negotiations. Jean-Claude Juncker, President of the European Commission, described it as an important milestone for both Europe and Canada. “EU companies and citizens will start to reap the benefits the agreement offers as soon as possible,” said Mr. Juncker.

CETA would boost trade in services, foster investment and enable job creation. In addition, it would reduce and ultimately eliminate tariffs, end restrictions on access to procurement markets, open up the services market, offer predictable conditions for investors, and help prevent illegal copying of EU innovations and traditional products.

EU companies and citizens will start to reap the benefits the agreement offers as soon as possible.
Jean-Claude Juncker
President of the European Commission
Prime Minister Justin Trudeau poses with European Union leaders after signing the CETA agreement in October. 

Prime Minister Justin Trudeau poses with European Union leaders after signing the CETA agreement in October. 

 

A joint Canada-EU study concluded that the trade agreement could increase bilateral trade by 20 per cent annually. The study also suggests the economic benefit of the agreement would be equivalent to creating almost 80,000 new jobs.

The Federation of Belgian Chambers of Commerce and CanCham Belux congratulated the European Parliament for the vote in favour of CETA in a press release. “This vote gives a strong and important signal to business communities in the EU Member States that final ratification of this innovative and progressive treaty by their national authorities is expected to happen in the coming months.”

A joint Canada-EU study concluded that the trade agreement could increase bilateral trade by 20 per cent annually

Canada remains a very important economic partner for Europe, Belgium and its federated entities. Canada is the EU’s 12th most important trading partner, and the EU is Canada’s second-largest trading partner, accounting for nearly 10 per cent of its external trade.

“As a long-term friend, Canada shares the same democratic values as Europe and has been very committed over the years to uphold them. CETA will offer new perspectives for a solid and healthy long-term economic cooperation with direct benefits not only for enterprises but also for citizens,” concluded the press release.

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