European Union and Canada Approve Trade Agreement

But those wins may be fewer and farther in between now, with protectionist sentiments on the rise in the United States and many European countries.

In 2015, about 28.3 billion euros worth of Canadian goods were imported into Europe, while the European Union exported goods worth 35.2 billion euros, all of which is expected to increase by more than 20 percent when the deal is fully implemented, according to the EU.

The U.S. president withdrew his country from the Transpacific Pact of Economic Cooperation (TPP) and announced its intention to renegotiate the North America Free Trade Agreement (NAFTA) for considering it especially beneficial for Mexico.

The deal still needs ratification by national governments, but will be implemented from June. It hence stands to benefit from easier and more trade between the European Union and Canada.

Prime Minister Justin Trudeau will arrive in Europe tomorrow with free trade at the top of his agenda.

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The legislature was approved by a margin on 408-254, with 33 abstentions.

It will also allow Canadian branches of large US corporations to sue individual members of the EU. Greenpeace activists kept a sinking statue of Lady Justice afloat in the river surrounding the European Parliament and displayed banners reading: "Sink CETA, not justice". In his remarks, the German head of the Christian Democrats in the 28-nation assembly, Manfred Weber, mentioned that "this is Europe's answer to Trump's trade policy", adding that "instead of protectionism, we want partnership". EU-Canada trade in goods was 63.5 billion euros in 2015, while services commerce totaled 27.2 billion euros in 2014. However, CETA will also need to be ratified by national and regional parliaments.

Originally entitled the Investor-State Dispute Settlement (ISDS), the controversial court has now been rebranded as an "Investment Court System" (ICS).

"If the Commission has any political instincts left they will continue to apply it provisionally", said Hosuk Lee-Makayama, director of the European Centre for International Political Economy, a Brussels-based thinktank.

Before voting began, European Commissioner for Trade Cecilia Malmstrom defended the free trade deal to EU lawmakers, saying the agreement was done in a transparent manner.