EU, Canada sign landmark CETA deal

European Union, EU and Canada have signed a landmark trade deal. The deal was signed by Canadian Prime Minister Justin Trudeau and top European Union officials in Brussels yesterday. 

Prime Minister Robert Fico of Slovakia, which currently holds the EU Presidency, said, the final approval of the deal is a milestone in the European Union's trade policy. The Comprehensive Economic and Trade Agreement, known as CETA, required all European Union member states to endorse it. All 28 European Union states approved the deal on Friday when consensus was reached.

The CETA removes 99 percent of customs



duties between the two sides, linking the single European Union market with the world's 10th largest economy. It is seen by many EU officials as a model for future economic agreements with the bloc’s other large trade partners including the likely one with the U.K. once it leaves the EU. 

The CETA aims to revoke roughly 9,000 tariffs, covering many industrial goods and agricultural and food items. It also promises to open up competition in the services sector, including in banking and insurance. The deal can be applied provisionally once the European Parliament also ratifies it in December.