European Parliament Approves CETA

The European Parliament approved a landmark free-trade agreement with Canada, shoring up Europe’s market-opening clout in the face of a populist surge across the continent and U.S. President Donald Trump’s protectionist tilt.

The European Union assembly’s endorsement of the first EU commercial deal with a fellow member of the Group of Seven leading industrialized nations paves the way for it to take provisional effect once the Canadian Senate gives its green light, expected within weeks. EU governments and Canada’s House of Commons have already given their approval.

The EU Parliament backed the pact by a vote of 408 to 254 on Wednesday in Strasbourg, France, fending off a veto drive by far-left and far-right European parties that have echoed Trump’s criticism of globalization.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.