Ulster Unionist MEP Jim Nicholson has described the failure of the European Union to ratify the trade deal with Canada known as CETA as a worrying development that does not bode well for the UK’s future trade talks with Europe.
Mr Nicholson said:
“The news that the EU-Canada free trade deal CETA has collapsed is not good news for anyone, and does not bode well for the future.
“In the European Parliament, MEPs had warned for some time that the ratification of CETA would not be the “rubber stamp” exercise the Commission were expecting.
“The Commission’s free trade agenda - something that has been heavily pushed by the UK Government in Europe - has been ambitious. But we also need it to be fair and balanced. Whether it is CETA, the TTIP talks with the USA or a deal with the Latin American Mercosur bloc, those Negotiating on the EU side need to better understand the concerns people have. On the other hand, it is worrying that this deal is being put on hold because of internal political posturing in the Belgian province of Wallonia.
“The big worry now is that this might set a precedent for the future - in particular for the UK as we negotiate our own trade deal with Europe upon exiting the EU.
“Since the UK’s vote to leave the European Union, some senior UK political figures have said that the Canada deal would represent a model for the UK’s future relationship with Europe. As events this week have shown, I fear that will not be as easy as it sounds.”