Canada and the United Kingdom are set to announce an enhanced trade deal after the two nations ratified a post-Brexit agreement last week.
Written by James Skinner
Speaking at an online Conservative Friends of Australia event, the UK’s International Trade Minister, Liz Truss, said the government was working “very closely” with “like-minded partners” to finalize trade agreements this year.
“On trade negotiations, we’re just about to announce that we’ve committed to an enhanced trade agreement with Canada,” she said.
The announcement came after both countries ratified a trade deal that is expected the be signed into action next month.
The UK Department of International Trade also stated that the agreement will “help both countries build back better from the COVID-19 pandemic by supporting high-quality jobs in industries such as automotive and food and drink.”
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Trade between the UK and Canada is worth around £22.4bn each year, and the ratified trade deal is expected to save an estimated £42m tariff burden on exports, including zero tariffs on cars, beef, fish, chocolate bars, biscuits, soft drinks and maple syrup.
Truss also added that the UK is continuing to negotiate a comprehensive trade deal with New Zealand and is committed to striking a “deep trading relationship” with Australia.
The ongoing trade negotiations will set a framework upon which CANZUK agreements can be built, including mutual skills recognition between the four countries and reciprocal migration arrangements.
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