The United Kingdom and Canada have signed a landmark trade deal worth $36 billion, ensuring trade regulations between the two nations continue from January 2021.
Ministers from the two nations met on December 9th to formalize the Canada-UK Trade Continuity Agreement and have agreed to start talks in the New Year over a bespoke UK-Canada trade deal to further deepen ties.
The agreement will ensure that the current arrangements between the EU and Canada roll over to the UK in 2021 as the British government assumes full responsibility for its trade policy independent from the European Union.
The deal will also ensure that 97% of tariffs between Canada and the UK will be eliminated on goods and services, providing a huge boost to each nation’s economy.
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“At a time of great uncertainty amid COVID-19, this continuity and predictability is crucial for all Canadians,” said Mary Ng, Canada’s International Trade Minister. “Canada and the United Kingdom will now move forward with their respective domestic procedures toward the ratification and implementation of the new trade agreement.”
The UK’s International Trade Minister, Liz Truss, was also delighted with the agreement, stating, “This is a brilliant deal for Global Britain…it secures £20bn worth of trade with a friend and ally that shares our commitment to free enterprise, democracy and free trade”.
Canada and the United Kingdom will now proceed with introducing legislation in their respective parliaments to implement the Canada-UK Trade Continuity Agreement, ensuring its effectiveness from January 1st 2021 onwards.
CANZUK International is delighted with the signing of the trade agreement between Canada and the UK and will continue to work with political representatives to ensure reciprocal migration and foreign policy cooperation are included as part of any future diplomatic negotiations.
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