After months of uncertainty, the Comprehensive Economic and Trade Agreement (CETA) between the European Union and Canada was endorsed by German courts and the European Parliament, paving the way for its final ratification.
The EU-Canada agreement, whose ratification is on the way, contains positive maritime regulations and will lay the basis for future free trade agreements.
“The CETA is one of the best agreements that the EU has ever negotiated, not only for the shipping industry, but also for the entire EU,” said Simon Bergulf, European Affairs Director and the member of the Danish Shipowners’ Association. The agreement shows that the European Commission will not succumb to Populism. Free trade is essential for the sustained and stable growth of the EU.
The Committee will vote on CETA on December 5, 2016, followed by a plenary vote in January,2017. Once approved，CETA will then be implemented provisionally before all EU national parliaments’ ratification..
Additionally, this Thursday, the German Federal Constitutional Court rejected a powerful legal challenge to CETA and gave a green light for the German government to sign the provisional agreement.
Now, the Council is expected to ratify the agreement at a Trade Ministers Meeting on October 18, which shall then pave the way for the Commission to sign the formal agreement on an EU-Canada Summit on October 27, 2016.
EU will benefit from its trade with Canada owning to CETA, but also should undertake some specific maritime initiatives, such as dredging ports, moving empty containers, and shipping specific cargoes within Canada.