LONDON / TORONTO (Reuters) – Britain and Canada reached a renewal trade deal on Saturday to protect the flow of $ 27 billion (£ 20.32 billion) in goods and services between them after Brexit , and promised to start negotiations on a tailor-made deal next year.
As Britain prepares to end its transition out of the European Union on December 31, it has negotiated several bilateral renewal deals to maintain trade, many simply replacing terms the bloc had already agreed to.
British Prime Minister Boris Johnson joined Canada’s Justin Trudeau and their respective trade ministers in an online call to mark the deal, which paves the way for a tailor-made deal covering more areas such as digital commerce, small businesses, the environment and women’s economic empowerment. .
“Today’s deal supports £ 20bn of trade and secures thousands of jobs,” Liz Truss, the UK’s international trade secretary, said in a statement.
Her Canadian counterpart, Mary Ng, said the transition agreement “largely duplicated” the EU’s agreement on tariff cuts and on labor and environment provisions.
“We want an ambitious and high-level comprehensive trade deal with the UK,” Ng said, noting that Canada wanted conditions similar to the deal with the EU.
The Canadian Parliament must approve a law that would allow the agreement to come into force.
Great Britain is Canada’s fifth largest trading partner after the United States, China, Mexico and Japan.
Johnson is trying to shape a new ‘Global Britain’ that can go it alone and negotiate better trade deals than the EU in what he says are the benefits of his historic decision to leave the largest trading bloc of the world.
In less than two years, it has concluded trade deals with 53 countries, accounting for 164 billion pounds ($ 217.82 billion) of UK bilateral trade. Johnson’s critics point out that many are largely identical to the EU deals.
The UK-Canada Continuity of Trade Agreement will undergo final legal checks before it is officially signed. “It’s a good time,” Trudeau said.
(Editing by Mark Potter, Mike Harrison and Diane Craft)
By Kate Holton and Amran Abocar