The European Union and Canada signed a free trade agreement Sunday, but it still has a long way to go before the pact is fully implemented.
The Comprehensive and Economic Trade Agreement (CETA) must still gain approval from roughly 40 national and regional parliaments in Europe.
CETA is important to Canada because it helps reduce its reliance on the United States as an export market. Officials believe they can now move forward on the trade deal they think will benefit all parties involved.
“The alternative to free trade is isolationism and protectionism,” said Donald Tusk, the president of the European Council. “We should be able to convince our citizens free trade is in their interests and not just big companies and corporations.”
According to Reuters, some believe this trade deal opens the door for the EU to negotiate a much larger trade deal with the U.S. Those talks are on hold as the presidential election comes to an end in the coming days.