The EU Trade Agreement Deadline: What You Need to Know
The European Union (EU) has been negotiating trade agreements with various countries for years. These agreements are aimed at promoting economic growth and liberalizing trade by removing barriers to international trade. One such agreement is the EU-Canada Comprehensive Economic and Trade Agreement (CETA).
CETA was signed in 2016 and initially took full effect in 2017. However, some parts of the agreement, such as those relating to investment protection, were not yet in force until all EU member states had ratified it. As of July 2019, 14 member states had completed their ratification processes, with another 13 still pending.
The deadline for the remaining member states to ratify is fast approaching. The agreement will enter into force fully only if all member states ratify it by the deadline. So what happens if the deadline is missed?
Firstly, it is important to note that a missed deadline does not automatically mean that the agreement is cancelled. This is because CETA is a „mixed agreement”, meaning that it covers both EU and member state competencies. Therefore, all member states need to ratify it for it to be fully implemented.
If the deadline is missed, the EU Commission will have to decide whether to extend the deadline or to withdraw the agreement. An extension is possible, but it would require the approval of all EU member states. This could prove difficult, given the current political climate in some countries.
If the agreement is withdrawn, it would be a significant blow to the EU`s trade policy as it would undermine the credibility of the EU as a reliable trading partner. It could also lead to a loss of confidence among other trading partners, making it more difficult for the EU to negotiate future trade agreements.
The EU Commission has been working hard to ensure that all member states ratify CETA by the deadline. However, it is ultimately up to each member state to complete its ratification process. Some countries have faced opposition from civil society groups and political parties, particularly regarding the investment protection provisions of the agreement.
In conclusion, the EU trade agreement deadline is fast approaching, and it is crucial that all member states complete their ratification processes in time. Failure to do so could have significant consequences for the EU`s trade policy and its position as a major global trading partner. The EU must work to overcome any remaining obstacles to ensure that this important agreement is fully implemented.