Britain signs interim trade deal with Canada amid continued negotiations with EU
by Karen Faulkner, Worthy News Correspondent
(Worthy News) – While still trying to reach a post-Brexit trade deal with the European Union, the United Kingdom has been able to agree to an interim trade deal with Canada, Fox News reports. The agreement offers a source of business security for Britain, which must reach an agreement with the EU by the end of the post-Brexit transition period on 31 December or move instead into World Trade Organization terms with the European trading bloc.
Canada is one of 53 countries with which the UK has signed trade agreements since its official departure from the EU in January. Announcing the agreement on Saturday, the British government described the deal as a “stop-gap” which rolls over current agreements with Canada and paves the way for 2021 negotiations on a UK-Canada pact, Fox News said.
The UK government said its agreement with Canada is worth some $27 billion in trade between the countries. It includes zero tariffs on car exports, and tariff-free trade on goods including beef, fish, and seafood, Fox News said. The deal will account for some 1.5 percent of the UK’s total trade in goods and services.
“This is a fantastic agreement for Britain which secures transatlantic 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,” Prime Minister Boris Johnson said in a statement.
Canada is a Commonwealth country that also recognizes the British monarch, Queen Elizabeth II, as head of state.
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