United Kingdom and Canada to trade on European Union terms after Brexit transition

Cornelia Mascio
Novembre 21, 2020

While Britain formally withdrew from the European Union in January, it continues to trade with other countries under the bloc's umbrella during a transition period scheduled to end December 31.

The two countries will begin negotiations next year to expand their commercial agreements to cover digital trade, the environment and women's economic empowerment, the U.K.'s Department for International Trade said in an emailed statement on Saturday.

"Today's agreement underpins 20 billion pounds worth of trade and locks in certainty for thousands of jobs", Liz Truss, the UK's global trade secretary, said in a statement.

The U.K. agreed with Canada to maintain the trading conditions it has through its European Union membership and to begin talks on a broader deal that would pave the way for even closer links with Britain's 12th-biggest trading partner.

"We are discussing with them the implications for the negotiations".

The agreement does not give any new benefits to businesses.

The Canada deal would be the second major trade accord announced by Britain in less than a month, after it agreed to terms with Japan in late October.

Speaking during the video call, which also included International Trade Secretary Liz Truss and her counterpart Mary Ng, Mr Trudeau said: "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".

Labour's shadow foreign secretary Emily Thornberry welcomed the "necessary" deal.

© Getty Images LONDON, UNITED KINGDOM - NOVEMBER 11: (EMBARGOED FOR PUBLICATION IN UK NEWSPAPERS UNTIL 24 HOURS AFTER CREATE DATE AND TIME) Prime Minister Boris Johnson (seen wearing a face mask with a number 10 embroidered into it) attends a service to mark the centenary of the burial of the Unknown Warrior at Westminster Abbey on November 11, 2020 in London, England.

No new trade deals can start until the transition period ends on 31 December.

"The fact that this new agreement upholds the small business chapter that was previously in place is very welcome".

Before it is formally signed, the UK-Canada Trade Continuity Agreement will be subject to final legal checks.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE