All hope is not lost for the Canadian trade deal

Although Belgium has refused to approve the Canadian trade deal, the president of the European Union is still optimistic that the deal will be signed during the summit this week as the failure of the European Union to sign a trade deal would leave Canada in a difficult position.

Belgian opposition to the deal is spearheaded by Wallonia is blocking the trade deal but according to the European Council President Donald Tusk, there are still a high chance for the deal to go through and the Canadian trade minister also added that the deal was not a dead end.

However Belgium is still not making things easy as it claims that three French-speaking regions of the country oppose it and the support of all 28 European nations is required before the deal can be signed.
The proposed Canadian trade deal is one of the most aspiring free trade deals in present times and other nations have already approved of the deal.

Earlier on Wednesday, Donald Tusk informed European Union legislators that “the summit tomorrow still stands.”
In his part, he stated that the European Union is still on the fence about signing the deal as there is still strong opposition from the three Belgian regions.

But in an effort to find a way forward, the Belgian national and regional leaders came together to discuss ways to generate solidarity among European Union nations in regards to the trade deal.
It is claimed that the trade deal will remove 98% tariffs and will enhance trade between the nations by 20% and will also aid small investors.

It is also estimated that €500 in exports will be saved in duties on a yearly basis.
On the other hand, critics believe that the deal will intimidate products quality and protects big business which will create opportunity for corporations to sue governments.
However the Canadian Prime Minister is still willing to travel to Brussels to sign the deal.