The European Union’s Parliament on Wednesday approved a landmark free trade deal with Canada that has been in the works for five years, reported BBC. The Comprehensive Economic and Trade Agreement got 408 votes in its favour, while 254 lawmakers opposed it.
The European Union believes that the new agreement will increase trade with Canada by 20% – it currently stands at around €60 billion (approximately Rs 4.23 lakh crore). The deal is perceived to be influenced by United States President Donald Trump’s withdrawal from the Trans-Pacific Partnership. He has also said that his regime will impose new trade tariffs and taxes.
Alliance of Liberals and Democrats for Europe leader Marietje Schaake said, “With President Trump in the White House, we see a clear change in US policy. Leadership for open economies and societies must come from us in Europe.” He said there could not have been a better partner for the EU than Canada.
Canadian Prime Minister Justin Trudeau will address the EU Parliament on Thursday.
The deal has been strongly criticised by several people who also carried out protests outside the Parliament on Wednesday. Protestors have held that the agreement would interfere with the European Union’s environmental, labour and consumer standards, reported The Independent. However, EU trade chief Cecilia Malmstrom said the deal “will not change food safety standards or any other EU requirements, only the EU institutions can do that”.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!