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Ceta: EU and Canada to sign long-delayed free trade deal Ceta: EU and Canada sign long-delayed free trade deal
(about 1 hour later)
Canadian Prime Minister Justin Trudeau has arrived at a Brussels summit to sign a long-delayed landmark trade deal with the European Union. The European Union and Canada have signed a long-delayed landmark trade deal, following weeks of uncertainty due to opposition in Belgium.
The signing ceremony planned for Thursday was cancelled after a Belgian region vetoed the agreement. The deal was signed in Brussels by Canadian Prime Minister Justin Trudeau and top EU officials.
The signing ceremony initially planned for Thursday had been cancelled after Belgium's Wallonia region vetoed the agreement.
All 28 EU states approved the deal on Friday when consensus was reached.All 28 EU states approved the deal on Friday when consensus was reached.
The Comprehensive Economic and Trade Agreement, known as Ceta, required all EU member states to endorse it.The Comprehensive Economic and Trade Agreement, known as Ceta, required all EU member states to endorse it.
The deal removes 99% of tariffs - and officials hope it will generate an increase in trade worth $12bn (€10.9bn; £9.8bn) a year.The deal removes 99% of tariffs - and officials hope it will generate an increase in trade worth $12bn (€10.9bn; £9.8bn) a year.
The deal was due to be signed at 11:00 local time (10:00 GMT), but was postponed after Mr Trudeau's plane had to turn back to Ottawa airport after experiencing "mechanical issues" shortly after take-off.The deal was due to be signed at 11:00 local time (10:00 GMT), but was postponed after Mr Trudeau's plane had to turn back to Ottawa airport after experiencing "mechanical issues" shortly after take-off.
Template for Brexit? By Damian Grammaticas, BBC Europe correspondent Love in the air... and lessons for Brexit? By Damian Grammaticas, BBC Europe correspondent
This is the summit many feared might never happen. Justin Trudeau had a happy smile on his face today. Relief? Delight? A bit of both.
The EU says its trade deal with Canada is the most significant and ambitious one it has ever signed. It took seven years to negotiate. The EU and Canada say it'll set the gold-standard for future trade deals. A handshake for European Council President Donald Tusk, representing the EU's 28 member states, came with a hug, and from European Commission President Jean-Claude Juncker, a kiss on both cheeks.
It may be the closest thing there is to a template for a UK Brexit deal. Love was in the air between the EU and Canada after a rocky few days.
The lessons appear to be that ambitious trade agreements take time. Even with goodwill on both sides the twists and turns can go on for years, and the UK should beware EU countries and regions are increasingly willing to veto such deals if they feel they go against their own interests, or it's politically expedient to do so. Canada has a new economic opening to 500 million Europeans. The EU believes this proves it can do big trade pacts which are good for its citizens.
Are there lessons for Brexit? Jean-Claude Juncker said he didn't believe so.
But there are some observations to be made. Ceta was approached with goodwill on all sides. Still it took seven years.
Ceta is about removing trade barriers. Brexit may discuss which ones to put up.
If the UK limits the movement of people, will the EU seek to do the same? And what other barriers may come, too?
And will political parties and leaders around Europe now follow the Walloons and bargain hard over Brexit, too?
Seven years of negotiations were left hanging in the balance after Belgium's French-speaking region of Wallonia demanded stronger safeguards on labour, environmental and consumer standards.Seven years of negotiations were left hanging in the balance after Belgium's French-speaking region of Wallonia demanded stronger safeguards on labour, environmental and consumer standards.
It also wanted more protection for Walloon farmers, who would face new competition from Canadian imports.It also wanted more protection for Walloon farmers, who would face new competition from Canadian imports.
On Thursday, Belgian Prime Minister Charles Michel said that after marathon talks they had agreed on an addendum to the deal which addressed regional concerns.On Thursday, Belgian Prime Minister Charles Michel said that after marathon talks they had agreed on an addendum to the deal which addressed regional concerns.
Prime Minister Robert Fico of Slovakia, which currently holds the EU presidency, said the final approval of the deal was "a milestone in the EU's trade policy".Prime Minister Robert Fico of Slovakia, which currently holds the EU presidency, said the final approval of the deal was "a milestone in the EU's trade policy".
Complications over the Ceta agreement had raised fresh concerns about future UK negotiations with the EU on a Brexit trade deal.Complications over the Ceta agreement had raised fresh concerns about future UK negotiations with the EU on a Brexit trade deal.
Mr Tusk had warned that the delays and wrangling were further damaging EU credibility following Britain's vote to leave the bloc.Mr Tusk had warned that the delays and wrangling were further damaging EU credibility following Britain's vote to leave the bloc.