Belgium urged to break EU-Canada trade deadlock by Monday

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During the past week, Belgium missed two earlier deadlines and Canada briefly walked out of the trade talks before returning the next day.

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Yet, if Trudeau is expected to sign at an official summit on Thursday, precious little time is left. Without the guarantee the EU is ready to finalize the deal, there would be no reason to have the summit, an EU official said.

The Belgian region of Wallonia has stood in the way of the CETA accord, short for Comprehensive Economic and Trade Agreement. The deal between over 500 million EU citizens and 35 million Canadians would eliminate almost all tariffs.

Politicians in Wallonia, which is smaller than the U.S. state of New Jersey, argue that the proposed deal would undermine labour, environment and consumer standards and allow multinationals to crush local companies. They have vowed to thwart a pact that the world’s biggest trading bloc and Canada are eager to secure.

New attempts were made to sway Wallonia leader Paul Magnette to sign on over the weekend.

Magnette said Wallonia still saw “some small difficulties.” A better deal would bolster EU standards and set a strong precedent for future trade talks between Europe and its trading partners, he said.

Canada’s International Trade Minister Chrystia Freeland walked away from the talks Friday on the verge of tears, saying the EU appeared incapable of signing the deal. Yet, she came back for some discussions on Saturday.

EU leaders have warned that failure to clinch the deal with Canada could ruin the bloc’s credibility as a trade partner and make it more difficult to strike such agreements with the United States, Japan and other allies.

A similar free trade agreement being negotiated between the EU and the United States is facing far more opposition than the Canada pact. Progress on the American deal appears unlikely until a new U.S. president takes office in January.

Raf Casert, The Associated Press