Britain and Canada have today officially signed the UK-Canada Trade Continuity Agreement.
The agreement will ensure that Britain and Canada will continue to trade on the same terms as before once Britain’s transition period with the European Union ends on December 31.
Announcing the news, UK international trade secretary Liz Truss tweeted:
The agreement precedes the intention now to negotiate a comprehensive, bespoke free trade agreement between the two nations next year.
Liz Truss said in a statement:
“This is a brilliant deal for Global Britain. It secures £20bn worth of trade with a friend and ally that shares our commitment to free enterprise, democracy and free trade. It provides certainty for car and food and drink exporters in particular, and paves the way for a more advanced deal that goes further and faster in modern areas like digital and data, women’s economic empowerment and the environment.
“The deal also takes us a step closer to joining the Trans-Pacific Partnership, a high standards agreement of 11 dynamic Pacific nations. Membership would deepen market access for our businesses, help turn us into a global hub for tech and services trade, and strengthen the global consensus for rules-based free trade.”