The EU signed a trade and economic agreement with Canada

Evrosyuz and Canada at the summit in Brussels signed the economic and trade agreement (CETA), according to Reuters.

It is planned that the agreement will create new jobs. Supporters of signing the agreement on cooperation also think that it will increase canadian exports 20% growth of the EU economy up to $13 billion per year and Canada up to $9 billion, Reuters notes that for Canada it is important to reduce dependence on the US as from the main site for export.

CETA will partially come into force next year. However, its full implementation will start only after the permission of more than 30 national and regional parliaments. The deal between the EU and Canada will lift tariffs on almost 99% of the goods.

“All’s well that ends well. We are 20 ongoing negotiations and today has secured global standards for the European Union and the European Commission wants the rest of them also took,” said EC President Jean-Claude Juncker.

Monday, October 24, the French-speaking region of Belgium Wallonia refused to sign the Treaty. This meant that Belgium had blocked the conclusion of this transaction. Residents of the region were not satisfied with some points in the agreement, in particular, the possibility of filing judicial complaints by private corporations against the state authorities in the EU countries, if policies in these countries prevent their investment interests. In addition, farmers are worried that cheap meat and milk from Canada can lead them to ruin.

However, three days later the Prime Minister of Belgium Charles Michel agreed with the head of the region of Wallonia Paul MAGNETOM on the issues that have prevented the conclusion of the agreement.