Canada and UK reach interim trade deal

Canada and the United Kingdom have reached an interim agreement to maintain trade between the two countries following Brexit.

This was announced on Saturday morning, on the sidelines of the summit of G20 leaders.

Remember that the United Kingdom withdrew from the European Union at the end of January and that Canada signed a trade agreement with this continent, the Comprehensive Economic and Trade Agreement (CETA). This will no longer apply in the United Kingdom from 1er next january.

The talks between the two countries thus led to the trade continuity agreement between Canada and the United Kingdom.

The provisional deal announced on Saturday will be implemented while the two countries negotiate a comprehensive free trade agreement, it was added, adding that it “will continue to reap the benefits of CETA over a long period of time. bilateral basis, including the elimination of customs duties on 98% of products exported to the United Kingdom ”.

According to Ottawa, “this will give a competitive advantage to Canadian exporters and businesses, which will retain preferential access to the UK market, even when the UK leaves the EU.”

The United Kingdom is Canada’s fifth largest trading partner after the United States, China, Mexico and Japan.

According to figures from Ottawa, in 2019 the UK was Canada’s leading merchandise export market to Europe and its third largest global destination, with two-way merchandise trade of $ 29 billion.

“As we work towards a strong and sustainable global economic recovery, Canada will continue to focus on creating and sustaining well-paying jobs for Canada’s middle class,” the Minister of Small Business said in a statement, from Export Promotion and International Trade, Mary Ng.

“This business continuity agreement between Canada and the United Kingdom ensures that our strong and mutually beneficial trading relationship is maintained,” she continued. I look forward to working with Secretary of State Truss to ensure a smooth transition in Canada-UK trade relations, while ensuring that workers, exporters and businesses of all sizes of Canada continue to benefit. ”

www.journaldequebec.com

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