After days of stalemate due to the veto of Wallonia, the long-delayed landmark trade deal between the EU and Canada was officially signed on Sunday, October 31st.
Despite the many promised benefits, this first and most ambitious bilateral trade agreement between the EU and Canada, often associated with TTIP, however, was not exempt from criticism and has raised many questions.
Under the complex political system, Belgium’s seven different regional parliaments must give the federal government approval in order for the national government to be able to sign the treaty. On 24th October, Belgian Prime Minister Charles Michel, who is in favour of the agreement, had to announce that his country was "not in a position" to sign due to the opposition of the Government of the French Community, the Government of the Walloon Region and the Government of the Brussels-Capital Region.
Those regions’ fears were that their farmers would face stiff competition from cheaper Canadian imports, particularly of beef and pork. Activists and trade unions also warned the Trans-Atlantic deal could diminish labour and environmental standards. The fact that three Belgian regional governments blocked the treaty is symptomatic of the reluctance among farmers and small businesses.
As the so-called "new generation trade agreement", CETA is supposed to cut customs duties for exporters and importers, which directly lowers prices and widens choice for consumers. The treaty will also make it easier for EU firms to sell services in Canada, and allow EU firms to bid for Canadian public contracts. In practice, 99% of the tariffs between the EU and Canada would be eliminated and EU exporters would save 500 million in duties annually.
Nevertheless future of CETA remains uncertain because now it has to be ratified by all the national and regional parliaments of the EU countries.Weiming Bai
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