All that appears to remain is for the national parliaments of every member state to agree to the updated trade deal by midnight on Friday, which is expected to happen without further problems.
Donald Tusk, the European Council's president, and Belgian Prime Minister Charles Michel posted tweets confirming the important breakthrough.
The agreement was held up because, at the last moment, Wallonia, a region in Belgium, vetoed the deal last week and later rejected an ultimatum for it to change its mind. The EU and Canada then put together a revised deal which has now been accepted.
News of the agreement came too late for EU leaders and Canadian Prime Minister Justin Trudeau to sign it on Thursday as planned – while Canada’s Trade Minister Chrystia Freeland warned that “there was more work ahead.”
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She said, “There is still work to do. Additional steps remain before signing. Canada remains ready to sign this important agreement when Europe is ready.”
The deal has been subject to widespread protests and, on Thursday, demonstrators gathered outside the Commission HQ in Brussels as a show of support for those opposing CETA.
On Friday, Flemish PM Geert Bourgeois said, "I'm pleased. I do hope we can now sign up to CETA.
"It really is high time. We've been made ridiculous in the eyes of the world. The lesson you must draw is to do your work during the negotiations. These lasted five years. Flanders was extremely active. There were 30 rounds of negotiations. In each round we had a say in the preparation and afterwards. We're very pleased with the agreement and very happy it can now be implemented.”
Michel insisted that Belgium had regained its credibility in the EU.
He told Belgian MPs that the accord would generate €12bn for the Belgian economy and that that meant more jobs.He said, "We are showing that we are an open country, economically but also internationally and diplomatically."
Belgian Socialists, meanwhile, lauded the Walloon Prime Minister Paul Magnette and expressed admiration for his determination over the CETA talks.