Britain and Canada secure £20 billion post-Brexit rollover trade deal
The UK has reached an agreement with Canada over a £20 billion rollover trade deal which will see British exports and services to Canada protected between the two countries during the aftermath of Brexit.
The UK will leave the EU on December 31 and have stated that they will start talks on a bespoke agreement in the coming year.
UK Prime Minister Boris Johnson joined Canada’s Justin Trudeau and their respective trade ministers on an online call to mark the deal.
The deal will pave the way for a tailor-made agreement covering more areas such as digital trade, small businesses, the environment and women’s economic empowerment.
Liz Truss, the UK’s international trade secretary, said in a statement.
Today’s agreement underpins 20 billion pounds worth of trade and locks in certainty for thousands of jobs.
Her Canadian counterpart Mary Ng said the transitional agreement “largely replicates” the EU deal on tariff reductions and provisions for labour and environment.
“We do want an ambitious, high level comprehensive trade agreement with the UK,” Ng said
It is believed that the Canadians are pushing for a trade deal similar to ones used by the EU.
Canada is the fifth largest trading partner with the UK.
The UK-Canada Trade Continuity Agreement will be subject to final legal checks before it is formally signed. “This is a good moment,” Trudeau said.