EU-Canadian free-trade agreement (CETA) on verge of collapse

EU-Canada free-trade treaty - CETA (Comprehensive Economic and Trade Agreement) initiated by former Quebec Premier Jean Charest during his tenure has likely hit the roadblock. Hopes of EU signing the pact this week were dented on Monday as the Belgian federal government failed to win the consent of regional authorities necessary to approve the deal. The premier of Belgium's Wallonia region, Paul Magnette insisted that he would not agree to an EU-Canada trade deal under pressure.

"Every time you try to put an ultimatum it makes a calm debate and a democratic debate impossible. We don't need an ultimatum. We will not decide anything under an ultimatum or under pressure." Magnette told reporters.

Canada sends 75 percent of all its exports to the United States and CETA was seen as a means to reduce Canada's dependence on the US. The nation is struggling to revive a sluggish export sector and the looming failure of free trade talks with the European Union would derail efforts. It could also potentially complicate negotiations with other nations, such as India and China.

Meanwhile, as CETA now appears potentially on the verge of defeat, two other major, controversial free trade deals are on political life support.

The Trans-Pacific Partnership (TPP), comprising 12 countries - Canada, the United States, Australia, Japan, New Zealand, Brunei, Singapore, Malaysia, Mexico, Peru, Chile and Vietnam, that collectively account for about 40 percent of world GDP, is languishing in the U.S. Congress.

There are growing signs that the Transatlantic Trade and Investment Partnership (TTIP) between the European Union and United States, with a potential to create an economic bloc accounting for around 50 percent of world GDP may be also unraveling.