Britain and Canada agree interim FTA

Britain and Canada agree interim FTA

Existing trading terms are carried over between the two Commonwealth realms until improved trading terms can be agreed in coming years

https://i0.wp.com/media.globalnews.c...y=70&strip=all

Today the UK and #Canada have agreed a vital trade continuity agreement. 🇬🇧 🇨🇦

This deal means:
✅ certainty for businesses and industry
✅ a foundation for a new, advanced trade deal
✅ and brings us one step closer to joining the Trans-Pacific Partnership.#CanadaDeal pic.twitter.com/CX96Ba8rRB
— Liz Truss (@trussliz) November 21, 2020

Today we announced the conclusion of trade talks for the Canada-UK Trade Continuity Agreement.

🇬🇧 is our most important trading partner in Europe with more than $33 billion in bilateral trade. As long-standing partners and allies, we will continue to be ambitious. @DominicRaab
— François-Philippe Champagne (FPC) 🇨🇦 (@FP_Champagne) November 21, 2020

Quote:

Originally Posted by Daily Mail

Britain today signed an interim deal with Canada as negotiators rush to cement trading relationships in preparation for life outside the EU.

In a relief for businesses fearing high tariffs, the Government said the agreement paves the way for negotiations to begin next year for a new deal with Canada.

Under the terms of the agreement, the UK and Canada will continue trading under the terms as the current EU system after the Brexit transition period ends.

The UK government says the stop-gap agreement paves the way for future negotiations on a new tailor-made UK-Canada trade deal.

In a statement, Boris Johnson today said: 'This is is a fantastic agreement for Britain which secures trans-Atlantic trade with one of our closest allies.

'British businesses export everything from electric cars to sparkling wine to Canada, and today's deal will ensure that trade goes from strength to strength.

'Our negotiators have been working flat-out to secure trade deals for the UK, and from as early next year we have agreed to start work on a new, bespoke trade deal with Canada that will go even further in meeting the needs of our economy.'

Welcoming the continuity deal, Trudeau suggested a new comprehensive trade agreement with the UK would take several years to negotiate.

He added the deal meant that 'now we get to continue to work on a bespoke agreement, a comprehensive agreement over the coming years that will really maximise our trade opportunities and boost things for everyone'.

We got the same deal as the EU (a club of 27) on our own in less than a year... and can now seek to improve it and tailor it to our own needs.

Almost like the supposed "clout" of Luxembourg, Poland and Latvia didn't count for much at all when it comes to securing FTAs. Who knew? (I did).

For reference, Britain https://upload.wikimedia.org/wikiped...ingdom.svg.png is the world's 5th largest economy and Canada https://upload.wikimedia.org/wikiped...one%29.svg.png is the world's 9th.