This week, we have secured yet another great deal for British businesses and households – this time with our good friends across the Atlantic – in Canada.
Today’s agreement locks in our existing trading relationship, worth £20 billion, by rolling over our current EU-Canada trading arrangements. But, perhaps more significantly, both nations have committed to starting negotiations on a new, more advanced, trade deal as early as next year, bringing benefits to every corner of the United Kingdom.
Today’s agreement will:
- Give certainty to the British businesses exporting goods and services to Canada worth £11.4 billion.
- Support the British automotive manufacturing and food and drink sectors, which between them provide jobs for more than half a million people across Britain.
- Secure future zero tariffs on British car exports to Canada, which were worth £757 million last year, supporting factories and jobs in our communities.
It also means that British businesses will continue to benefit from tariff-free trade on 98% of goods that can be exported to Canada; Canadian maple syrup, biscuits, sweets and salmon will remain good value on our supermarket shelves.
A foundation for tomorrow
It is clear, now more than ever, that trade and investment will be crucial to building back better and reshaping our country’s economy for the future.
This deal lays the foundation for both countries to negotiate a new trade deal that will improve on the existing EU-Canada agreement, and it will be built specifically for the British economy, with the potential to go further in new areas like digital trade.
This is all part-and-parcel of our vision to level up every region and nation of the United Kingdom. As an independent trading nation, we are now free to seize new opportunities globally and today’s deal marks another important step towards accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Global Britain is quickly making her mark across the world – leading from the front as she continues to strengthen old partnerships and build new relationships – supporting shared values, and promoting the international consensus for free and fair trade.
This article was published on LinkedIn on 12/11/2020.
