The European Union
trade deal with Canada was believed to be dead on Friday last week, as the
French-speaking part of Belgium refused to sign the treaty and by that blocked
the whole European Union to sign it. Now the deal is back on track. Aspects of
concern of the population of Wallonia have been clarified and rewritten in more
details.
The recent changes in
the deal now again requires approval of all other 27 European member states.
However, it is expected that the deal will get through this time. The process
has been observed from the whole world as it is seen a test to see is the
European Union can act as a unit in order to stay competitive and to take
globalization to the next level. The fact, that a very small percentage of the
population of Europe can hinder the whole region from accepting trade
agreements is seen as a sign of weakness and impotence. Especially the US is
following the negotiation with very high interest. When Europe is failing to
agree on a deal with Canada negotiations with the US can be stopped right away.
The US is an even bigger trading partner of Europe so it can be expected that
even more issues will be subject to controversy.
Whereas the American
media focus on the “wealth-creating powers of free trade”, European countries
are more and more skeptical if those trade agreements are the key to a sustainable
future.
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