The European Union and Canada officially signed a free trade agreement (CETA) on Sunday, October 30, which envisions the abolition of customs tariffs for nearly all products.
The agreement needs to be ratified by the European Parliament and the Parliament of Canada, following which it should be approved by the national and regional parliaments within the EU in order for it to come into effect.
The signing of the agreement, initially scheduled for last Thursday, had been postponed due to Wallonia's objections made in attempt to protect local interests. It is necessary for all regions in Belgium to agree in order for the state to be able to sign an agreement.
Furthermore, all member-countries need to come to agreement in order for the EU to be able to sign an agreement as an entity.
CETA envision abolition of customs tariffs for nearly all products. Certain agricultural products are an exception, such as the import of beef and pork from Canada to the EU.