Canada, EU Leaders Sign CETA

November 1, 2016 10:10 AM

Although protesting Belgium dairy farmers held up a big free trade deal, Canada and European leaders signed the agreement over the weekend.

The pact was signed after the French-speaking Wallonia Parliament in Belgium approved the deal on Friday, after getting added guarantees on GMO crops and protection for certain food products, according to news reports. Dairy farmers in Wallonia had opposed the deal.

The Comprehensive Economic and Trade Agreement (CETA still needs approval from 27 other countries to enter fully into force.

Critics of the deal say it would favor big multinational corporations at the expense of local, smaller businesses.

The deal removes tariffs, expands existing agreements on goods and updates regulations on services.

One study by the EU and Canada projected the trade deal would boost a total household income for both Europeans and Canadians, but a recent Tufts University study says Canadian and European workers' income would take a hit, according to a Reuters report.

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