Justin Trudeau hailed the EU as remarkable
Speaking of the EU, Prime Minister Justin Trudeau said: "Over the course of our historic partnership, we have stood side by side on the things that matter, maintaining global security, creating good jobs for our people, through trade and investment.
"And my friends, I am confident we will continue this together in the years to come for the countries we represent and the people we serve.
He added: "The EU is a truly remarkable achievement – It is an unprecedented model for peaceful cooperation.
CETA will come into full force in early 2017, when most import duties are to be lifted.
The landmark decision followed a fractious debate between MEPs and mass protests outside the parliament building in Strasbourg.
Supporters say CETA will boost trade between Canada and Europe by 20 per cent and annually £10.2bn (€12bn) to the European Union economy and £7.1bn (€8.4bn) to Canada’s economy.
Mr Trudeau said the deal was doing the "best for the people" and promised the "best is yet to come".
Admitting the deal "wasn't easy" to negotiate, he went on: "We can’t understate how important it was to get this deal right. Trade needs to work for people. People who are struggling to make ends meet, people who worry about their future and children's future."
The prime minister hinted the deal could be a blueprint for future trade deals with other nations, raising prospects of a UK-Canada trade deal following Brexit.
He said: "With CETA together we have built something, something important on your continent and mine.
"We need to make it work for your people and mine.
"CETA could become the blueprint for all future trade deals with nations. But if it is not successful, it could be one of the last.
"This is an important moment."
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