The much waited trade pact between the European Union and Canada were signed, ending days of drama after a small Belgian region has refused to endorse the agreement and has deeply embarrassed the EU. The long-delayed Comprehensive and Economic Trade Agreement was delayed by yet another hold up early in the day when the Canadian Prime Minister Justin Trudeau’s plane had to return to Ottawa because of some technical snags.
Canadian Prime Minister Justin Trudeau, European Council President Donald Tusk and European Commission President Jean-Claude Juncker called the pact as “the most comprehensive, ambitious and progressive trade agreement ever negotiated by either Canada or the European Union.”
“By scrapping almost all import duties, European exporters of industrial and agricultural goods will save up to €500 million [$549 million] every year,” Mr. Juncker said.
The European Union states that CETA will remove more than 99 percent of the tariffs and boost the trade with Canada by almost 12 billion euros ($13.2 billion) in a year, creating economic growth and jobs on both sides of the Atlantic.
This is an important day for the EU and Canada too, because we are setting international standards which will have to be followed by others with whom we are in negotiations as far as free trade is concerned,” European Commission President Jean-Claude Juncker said.
Outside European Union headquarters, a small group of anti-CETA protesters gathered to block the front entrance as riot police watched. Red paint was thrown on the building. Police took away about 15 people, but did not break up the protest.
By Premji
