KXIP vs KKR Live Score

The European Parliament, meeting Wednesday for its plenary in Strasbourg, has voted its approval on the EU-Canada Comprehensive Economic and Trade Agreement (CETA), which aims to increase trade and investment flows between the two parties.

The deal was signed in late 2016 by Canadian Prime Minister Justin Trudeau, European Council President Donald Tusk and European Commission President Jean-Claude Juncker.

A European Parliament press release reports that "MEPs say that, in the absence of a comparable system operating under the International Maritime Organization (IMO), CO2 emissions in EU ports and during voyages to and from them should be accounted for".

Why do we need to review our way of envisaging free trade? "The vote completely ignores the real progress that has already been made by IMO - which under the Kyoto Protocol, to which EU Member States are signatory, has a mandate to address Carbon dioxide emissions from worldwide shipping".

Canada's government is expected to ratify the deal in the next few months.

The decision from European Union parliament came as a boon for the Canadian economy as its biggest trade partner and next door neighbour the United States withdrew from the Trans-Pacific Partnership (TPP) and asked to rework the North American Free Trade Agreement (NAFTA).

The agreement with Canada has become a test case for the EU's political credibility and commercial heft since Britain voted to leave the bloc, a Belgian region almost scuttled the Canadian accord and Trump turned the U.S.'s back on multilateral trade pacts.

The European Parliament has approved a landmark free trade deal with Canada. His remarks had highlighted the challenges ahead to bringing CETA fully into force as the deal suffered resistance from many fronts with the EU.

It will also allow Canadian branches of large US corporations to sue individual members of the EU. The Netherlands could conceivably still block the deal if it demands an advisory national referendum.

In 2014, Canadian exports to the European Union totalled $39.5 billion, with imports at $53 billion.

Originally entitled the Investor-State Dispute Settlement (ISDS), the controversial court has now been rebranded as an "Investment Court System" (ICS).

Canadians are five times more likely to say they support CETA than to say they oppose it.


COMMENTS