The controversial Canada-European Union trade agreement that many declared “dead” now appears to be rising from the ashes, as officials announced Thursday that they have reached a last-minute consensus.
Earlier this week, trade delegates from the Belgian region of Wallonia rejected the Comprehensive Economic & Trade Agreement (CETA) out of concern that certain provisions, particularly the Investor State Dispute Settlement (ISDS) system, inflate the power of multinational corporations and undermine standards protecting labor, the environment, and consumers.
After it was reported that Canadian Prime Justin Trudeau had scrapped his travel to Brussels and the planned Thursday signing ceremony was officially cancelled, Belgium Prime Minister Charles Michel announced that his country had reached agreement over a new text, which needs to be re-approved by the remaining 27 EU member nations.