Today: Tuesday, 28 May 2024 year

EU-Canada trade deal cancelled: stop TTIP and CETA

EU-Canada trade deal cancelled: stop TTIP and CETA

EU-Canada agreement on trade planned to be signed on Thursday, but the signing ceremony cancelled after the region of Wallonia vetoed the Comprehensive Economic and Trade Agreement (CETA). Canadian Prime Minister Justin Trudeau has cancelled his visit to Brussels because of Belgium’s deadlock.

EU will not sign the Comprehensive Economic and Trade Agreement with Canada, Belgium’s Wallonia region preventing the 28-nation EU from signing this document. According to supporters of non-signing CETA, it wrangling has raised new concerns about future UK negotiations with the EU on a Brexit trade deal.

Belgian political leaders have reached a consensus in support of the CETA between the EU and Canada, Prime Minister Charles Michel has said. He reminds “an agreement” was found after the latest round of negotiations with Belgium’s French-speaking communities of Wallonia who had been holding up the deal.

CETA is not for EU

Wallonia, a staunchly socialist region of 3.6 million people, has led objections to the deal, demanding stronger safeguards on labour, environmental and consumer standards. The region also demands more protection for Walloon farmers, who would face new competition from Canadian imports. The main objection for socialists in CETA is the giving too much leverage to multinationals.

So far, a Belgian deal would still have to be approved by the other 27 EU governments.

Why to stop TTIP and CETA?

People in EU who doesn’t support TTIP and CETA deals, arguing that these are a threat to so many things Europeans value and need. See below their arguments, why to stop TTIP and CETA is an important issue for EU.

The EU and Canada seven years have had a negotiation on this trade deal, CETA should tie EU with Canada, similar treaty TTIP (Transatlantic Trade and Investment Partnership) with the USA. The official line is that these docs will create jobs and increase economic growth.

However, rather than EU citizens, it’s much more likely that only big corporations will benefit from CETA or TTIP. The Brexit also cooled the hopes and aspirations of common Europeans.