Canada- UK signs Agreement as an interim Post-Brexit trade

Nov 22 2020 05:34 PM
Canada- UK signs Agreement  as an interim Post-Brexit trade

Canada and Britain has signed the Canada-United Kingdom Trade Continuity Agreement on Saturday. The agreement was signed as an interim post-Brexit trade agreement. It will take effect on January 1, 2021 when Britain cuts its final ties to the European Union. Canadian Prime Minister Justin Trudeau and his British counterpart Boris Johnson announced the deal at a live video news conference on Saturday. 

"Now we get to continue to work on a bespoke agreement, a comprehensive agreement, over the coming years that will really maximize our trade opportunities and boost things for everyone," Canadian Trudeau said. "Free trade is an important part of the way that we're going to bounce back from COVID, but I also think that Canada and the U.K. share a perspective about building back greener," said Johnson. 

The new deal will continue the provisions in the Canada-EU Comprehensive Economic and Trade Agreement (CETA), which will no longer include Britain on January 1. The new deal facilitates continued access to the benefits of CETA on a bilateral basis, including the elimination of tariffs on 98% of Canadian products exported to the United Kingdom. Canada's fifth largest trading partner after the United States, China, Mexico and Japan is Britain. 

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