Trade ministers of the European Union met in Bratislava yesterday to discuss the bloc’s proposed trade pact with Canada, called the Comprehensive Economic and Trade Agreement (CETA). The meeting is set to continue today.
The CETA aims to revoke nearly 9,000 tariffs on industrial goods, agricultural products, and foodstuffs. The pact also promises to open up competition in the services sector on both sides, particularly relating to banking and insurance.
Ministers are anticipated to discuss the CETA in detail during the meeting, which EU officials hope will encourage more support for the trade deal. The trade pact has endured five years of negotiations between the EU and Canada, and both sides are looking to sign the agreement at a summit this October. Once signed, implementation of the trade agreement could begin at the start of next year.
“This agreement is the most forward-looking free-trade agreement that Canada or the EU have ever negotiated,” said EU Trade Commissioner Cecilia Malmström in a blog.
The European Commission hopes that the completion of CETA verifies its capacity to negotiate later trade deals.
“It is about time to conclude, to bring [CETA] home, to make sure that we can seize all the opportunities,” BusinessEurope head Markus Beyrer told
The Wall Street Journal.
CETA is not without its detractors, however. Trade unions and environmental groups have voiced their opposition to the trade agreement, saying that the deal is anti-democratic, jeopardizes labor standards, and could hurt environmental and food safety standards.
Support for CETA remains strong, despite the pressure. On September 14, 12 pro-trade ministers sent EU trade chief Cecilia Malmstrom a letter that voiced their commitment to the European Commission.
“Europe needs to demonstrate clear leadership in negotiating free trade agreements if we are to generate the growth we need to meet future challenges,” the letter said.
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