United Kingdom signs trade deal with Canada to prepare for Brexit

Brexit talks on hold after EU negotiator tests positive for Covid-19 | ITV News

"Canadian Spirits manufacturers extend our deep appreciation to Canada's Minister of Small Business, Export Promotion and International Trade, the Honourable Mary Ng, Canada's Chief Negotiator, Mr., Doug Forsyth and Canada's Chief Agriculture Negotiator, Mr. Aaron Fowler and their teams of experts in concluding this transitional agreement and providing the stability and predictability needed to continue Canadian spirits export growth in the United Kingdom".

Talks on an EU-UK trade deal face a new delay after a senior member of EU negotiator Michel Barnier's team tested positive for COVID-19 on Thursday (19 November).

In October, Britain signed an economic partnership agreement with Japan, as its first major trade deal as an independent trading nation after Brexit.

Britain and Canada struck a rollover trade deal on Saturday (Nov 21) to protect the flow of US$27 billion-worth (S$36 billion) of goods and services between them after Brexit, and vowed to start talks on a bespoke agreement next year.

The PM and Canadian PM Justin Trudeau made the "agreement in principle" in a video call, the Department for International Trade said.

Britain's decision to leave the European Union after its Brexit referendum means that the Comprehensive Economic and Trade Agreement, or CETA, will no longer apply to the country at the end of the year. In Canada's case, legislation to change regulations and laws (including its custom tariff) to comply with the new agreement must be approved by Parliament before the deal can take effect.

A fresh "more advanced deal" is expected to go further in areas including digital trade, the environment and women's economic empowerment, the statement added.

Canada's dairy industry has complained loudly in the past about the additional foreign access to the Canadian market under previous trade deals, including CETA and the new Canada-United States-Mexico Agreement.

The yet to be ratified deal with Canada's fifth-largest trading partner acts as a foundation for more substantial agreements moving forward into 2021.

Now that negotiations have concluded, the deal must be approved by both governments.

Speaking with 570 NEWS, Cambridge Chamber of Commerce President & CEO Greg Durocher said that any trade that Canada can conduct in these "difficult times" is essential, adding that the avoidance of those looming tariffs on Canadian exports is "simply good for business locally". Brits voted to leave the bloc in 2016 and officially left it in January - leading to a transition period until the end of the year.



Other news