Yeah, it's only a name, that name represent a reciprocal want to work closer together and do something. What, how, we will figure it out, the fact that people on both side of the exchange are all for it says so.
We're not idiots we know there will be hurdle, on one side you have the federal country that managed to convince the french Quebec to stay and on the other you have 27 countries who managed to convince each other to work together, we will figure it out.
If getting this status helps simplify process and costs of EU<->Canada military procurement, then it will be a clear win for both sides given the current desire to reduce dependence on US defence providers.
There is no "they" in the EU that can do anything that isn't also constituted either equally or proportionally by each and every member.