World Bulletin / News Desk
The European Parliament has approved on Wednesday the Canada-EU free trade deal.
By 408 votes to 254 with 33 abstentions, MEPs voted to ratify the Comprehensive Economic and Trade Agreement (CETA). It could already provisionally apply starting April.
The agreement -- which came through after seven years of negotiations -- was formally signed in October 2016 following last-minute opposition from the Belgian region of Wallonia.
The deal was put in jeopardy after the Wallonian region refused to agree to the terms, worried that cheaper goods from Canada would hurt the farming and labor sectors, as well as lessen environmental and consumer standards.
For all parts of the deal to come into effect, it has to be approved by national and regional parliaments, as well as MEPs.
During Wednesday’s debate, EU Trade Commissioner Cecilia Malmstrom told MEPs the deal would strengthen both the EU's economic links and "geopolitical alliance" with Canada.
Malmstrom said CETA would save European exporters millions of euros in tariff fees, and would allow both partners to set rules that will "shape globalization".
French National Front leader and presidential candidate Marine Le Pen claimed the "terrible" agreement will undermine thousands of jobs in Europe and eliminate the rights of governments to legislate.
Leader of the center-right EPP group, German Christian Democrat MEP Manfred Weber, praised the deal. "We don't want to build walls, we want to build bridges", he said.
The deal cuts tariffs on 99 percent of trade goods, allows EU firms to bid for public contracts in Canada and opens up Canadian services market to EU companies.
In 2015, EU-Canada trade accounted for more than €60 billion ($63.4 billion) and CETA is expected to boost this by 20 percent, according to the EP website.
BIST 100 index rises 0.44 pct while US dollar/Turkish lira rate falls to 3.49
The day before, the dollar had rallied against both main rivals and the Dow reached a fresh record high after the US central bank kept alive the chance of a December increase in American borrowing costs.
Monthly index sees decline of 3.4 pct, according to Turkish Statistical Institute
BIST 100 index decreases 0.31 pct while US dollar/Turkish lira rate rose to 3.51
Frankfurt equities sagged despite a rally for shares in German heavy industry giant ThyssenKrupp, which announced a deal with Indian group Tata to merge their steel operations in Europe.
BIST 100 index drops 0.02 pct while US dollar/Turkish lira rate stands over 3.48
The move was seen as a bid to weather US-imposed sanctions on the embattled country.
Regulators decided in May to fine Banco Popolare di Vicenza a total of 11.2 million euros ($13.4 million), the ECB said in a press release.
BIST 100 index rises slightly 0.09 pct while US dollar/Turkish lira rate falls to 3.43
BIST 100 index rises 0.10 pct while US dollar/Turkish lira rate stands around 3.46
Borsa Istanbul's BIST 100 index goes down 0.89 pct at close, USD/TRY rate stands around at 3.44