A number of constituents have voiced their concerns about the EU-Canada Comprehensive Economic and Trade Agreement (CETA). I would like to take the opportunity to clarify some issues regarding the Agreement, and to reassure my constituents that it does not carry the risks that some have suggested.
Underlying CETA is the opportunity to add £1.3 billion to our economy every year, expand exports to Canada by almost a third, and create thousands of new British jobs, with further benefits across the EU and Canada.
CETA will tackle a range of issues in order to make business with Canada easier. It will remove customs duties, end limitations in access to public contracts, open up the services market, offer predictable conditions for investors, and help prevent illegal copying of EU innovations and traditional products. I can assure you that the Agreement contains all the guarantees to make sure that the economic gains do not come at the expense of democracy, environment, or health and safety.
There is a wide misconception that investors could successfully sue a government for losses if a government takes a decision in the wider public interest. It is important that businesses investing abroad are protected from discrimination and unfair treatment, but there is nothing included in the Agreement which would allow companies to undermine public policymaking.
Negotiations for CETA concluded in September 2014. The text of the Agreement is currently under legal review before being presented to the EU Council for signature and then the European Parliament for approval. It is expected to be laid before Parliament this year, when MPs will have a number of opportunities to scrutinise the final agreement and ultimately, Parliament will have the final power of veto.