EU and Canada finalize trade agreement

After five years of negotiations, the European Union and Canada have signed a major trade agreement. Under the deal almost all customs tariffs will be eliminated and markets for services will be opened up. The European Commission has said the deal would boost bilateral trade by 23 percent. And a a joint EU-Canadian study has put the combined annual economic gains at about €20 billion. The agreement still have to be ratified by the EU Parliament where it faces strong opposition from Germany. Berlin is against the Investor State Dispute Settlement (ISDS) which is a part of the agreement. The ISDS allows private companies to sue governments, which according to some gives big business too much power in relation to democratically elected governments wishing to introduce new policies.