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Formal negotiations begin on a new trade agreement between Canada and the United Kingdom

Formal negotiations begin on a new trade agreement between Canada and the United Kingdom

It came amid an official announcement in the capital, Ottawa, between Canadian Minister of Commerce Mary Eng and her British envoy, Ann-Marie Travelian.
Britain and Canada have already negotiated an interim trade agreement, replacing the broader comprehensive economic and trade agreement that Canada has negotiated with the European Union.

“I am pleased to begin negotiations with the UK on a new key agreement that will lift barriers to women, victims of racial discrimination and small businesses,” Canadian Minister Mary Eng said in an official statement.

The UK Trade Department estimates that the UK-Canada trade relationship will be worth 19 19 billion ($ 25.1 billion) by 2020. Trade Minister Anne-Marie Trevelian said, “There is enormous potential for enhancing and enhancing trade between our two countries.”

He added that it was important for Britain to enter into agreements with Canada and enter into an 11-nation Pacific Rim trade agreement known as the Comprehensive and Advanced Trans-Pacific Partnership.

After Brexit, Britain sought to secure trade agreements to offset a slump in trade with its largest trading partner, the European Union. The UK agreed to agreements with New Zealand and Australia and began negotiations with India.

After Brexit, the UK has become the least floating economy in trade. Trade as a share of GDP has fallen by 12% since 2019, two and a half times more than any other G7 country, according to the Office of the Budget Government Office.

A new agreement with Canada would not add much, as 98% of cargo exports are already tax-free under the current agreement. Instead, both governments hope to end the red tape and agree on new digital rules to “make business cheaper, faster and safer.”

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