Canada and EU Notch Rare Win For Free Trade
- Author: Elsie Buchanan Feb 16, 2017,
Feb 16, 2017, 0:36
It was this provision, among others, which helped galvanize the successful opposition to the Trans-Pacific Partnership, and nearly scuttled the CETA deal itself when the small Belgian region of Wallonia stalled on approving the deal back in October. The deal, which was seven years in the making, was almost killed off last year when it was blocked by the Belgian region of Wallonia until it secured concessions.
"This is the right deal at the right time".
The European Union has agreed a trade deal with Canada that could be worth €72 billion. The Netherlands could conceivably still block the deal if it demands an advisory national referendum. "While Trump introduces tariffs, we are not only tearing them down but also setting the highest progressive standards".
The European Commission published its reform plans in July 2015 for the EU's Emissions Trading System (ETS), the world's largest.
On the back of these concerns, the ISDS system has now been replaced with a new investment court system (ICS).
The parliament's vote, subject to EU Council approval, means the MSR will withdraw 24% of the surplus each year for four years instead of the European Commission's originally proposed 12% rate. Tariff barriers will also remain in place in the fields of public services, audiovisual and transport services, and a few agricultural products, such as dairy, poultry and eggs.
With about $2 billion in exports going to the United States and "another pretty healthy chunk to Mexico as well", Masswohl said the European Union could start gaining on the North American market in the years to come.
She described voting in favour of CETA as "national betrayal".
CETA "destroys jobs and endangers employee's rights, the environment, consumer protection and public property", the lawmaker warned.
Mr Carthy's Sinn Féin colleagues in Europe, Lynn Boylan and Liadh Ní Riada also voted against the deal along with independents Luke "Ming" Flanagan, Nessa Childers and Marian Harkin.
CETA will remove 99 percent of customs duties between the two sides, benefiting European exporters. Trade experts admitted there could be legal limbo if one parliament rejects the deal, prompting uncertainties over whether the entire agreement could fall apart-or if only the last measures that hadn't yet been applied would remain on ice.
The Canadian government has clearly gained in confidence by the signing of the CETA agreement, but there is yet a long way to go. "This leaves us with much to worry about in any future trade deals the government negotiates, in particular with Donald Trump's United States of America".