EU parliament has backed a trade deal agreement with Canada despite protesters' contests against the matter. With an end-result of 408-254 votes, having 33 parliament members abstaining from the issue, EU lawmakers have demonstrated their support towards the Comprehensive Economic and Trade Agreement. One of the main arguments pro-CETA is the fact that 98% of import tariffs would be eliminated (including a 99% reduction in non-farm duties between the two markets, resulting in more jobs and a market boost), leading to an estimated €500 million in savings from such costs. However, protests come about in relation to a belief that the deal would consequently erode labor laws, environmental standards, and give undeniable power to multinational companies, allowing them to "dictate public policies".
In October of 2016, discussions about the deal were halted after a small region in Belgium vetoed the agreement, claiming that there was the need of addressing concerns over the rights of farmers and governments.
In addition, after the election of President Donald Trump and especially his decisions of withdrawing from the Trans-Pacific Partnership and willingness to renegotiate the North American Free Trade Agreement, the global trade system has been unsure of its future and stability.
Like previously mentioned, the result was celebrated by backers of the agreement saying there will be more room for investment, growth, and competitiveness, while opponents to it argue against it for reasons such as the fact that for full-implementation of such agreement would require ratification from several regional and national parliaments.
Source:
http://www.bbc.com/news/world-europe-38979901
1 comment:
This policy seems as though it favors bigger companies over the smaller independent farmers. Even though it says it will create more jobs it may make some people lose their jobs. They may be able to obtain a job in the same industry but will be making less money. People are greedy so some companies may see it as an opportunity to grab more market share and obtain more profits without hiring more people.
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