The deal, which was near collapse just days ago, after the Walloon Parliament refused to green light the agreement, was finally signed into force on Sunday.
European Commission President Jean-Claude Juncker was unsurprisingly pleased at this most recent turn of events, commenting, "The people of Canada and the European Union have opened a new chapter in their relationship.
"More than half a billion people on both sides of the Atlantic will enjoy new opportunities. For many people, it will mean new jobs and better jobs.
RELATED CONTENT
Juncker said the deal symbolised a "commitment to a shared future but also set a common project that will improve the lives of millions of Canadians and Europeans."
European Parliament President Martin Schulz said the agreement was "a message to those who wrote-off the European Union as ineffective, inconclusive and inward-looking. The EU is not turning its back on the world, it is more committed than ever to working with its partners to defend its values and create opportunities for its citizens and enterprises.
"It is not by isolating ourselves from others that we will defend ourselves from globalisation: it is by engaging and shaping the current trade system."
The EU had faced a barrage of criticism after Belgium's Walloon regional Parliament refused to give the government the go-ahead to sign the deal, prompting accusations that the EU was not qualified to deliver trade agreements and needed to review its trade policy.
Canadian Prime Minister Justin Trudeau was originally due to sign off on the agreement at a high level meeting in Brussels on Thursday last week, but cancelled his trip at the last minute after talks with Wallonia were unsuccessful.
However, Trudeau, along with Juncker and European Council President Donald Tusk finally signed off on CETA at a hastily reconvened summit in Brussels on Sunday.
The signing was a "historic occasion", said the Canadian Prime Minister. "This modern and progressive agreement will reinforce the strong links between Canada and the EU, and create vast new opportunities for Canadians and Europeans alike - opening new markets for our exporters, offering more choices and better prices to consumers, and forging stronger ties between our economies."
Despite the surge in protests against the agreement over the last few weeks, Trudeau argued that the deal was based on shared values, a history of close cooperation, and strong people-to-people ties. "The signing of CETA and the SPA sets the stage for even deeper relations in the future which will bolster the middle class on both sides of the Atlantic.”
BusinessEurope President Emma Marcegaglia led the reaction from the European pro-CETA lobby, saying her organisation welcomed the signing, but warned, "Going forward, we need to ensure that an effective solution is found to address the shortcomings in governance revealed by the CETA signature process."
"The respect of the treaties and the EU exclusive competence in trade policy cannot be compromised. This is an imperative for the EU’s ability to stand internationally as a credible and reliable partner."
However, Greens/EFA group trade spokesperson in the European Parliament Yannick Jadot was less enthusiastic, saying, "It is regrettable that the hope generated by the Walloon Parliament has not materialised into something more substantial."
"The European Parliament will have its own chance to vote on CETA soon. While the European Commission may be content to push ahead with a deal that prioritises the interests of a few multinationals, MEPs have to prove that they are willing to stand up for the common good, and vote against CETA in the Parliament."
The CETA agreement will now come into effect on a temporary basis, but still requires ratification by all 28 EU member states.
The Commissioner responsible for shaping the agreement from the EU side, trade chief Cecilia Malmström said, "This is how we can shape globalisation - through progressive, state-of-the-art trade agreements that uphold our values and set new standards for global commerce. Through our agreement with Canada, we build a bridge to one of our closest allies, making a real impact for our exporters, entrepreneurs and employees."
"Trade simply works, and we know it from experience. When we get rid of unnecessary costs and overlapping bureaucracy, companies will try out new markets and hire more people."