UK and Canadian Trade Ministers celebrate trade deal ratification
UK International Trade Secretary Liz Truss and Canadian Minister for Small Business, Export Promotion and International Trade Mary Ng have today spoken to welcome the ratification of the UK-Canada trade continuity agreement and to commit to bringing it into force next month.
In December the UK and Canada agreed a Memorandum of Understanding to ensure exporters could continue to benefit from preferential tariff rates until the deal is brought into force.
The agreement, which supports total trade between Canada and the UK worth £22.4bn in 2019, will help both countries build back better from the Covid-19 pandemic by supporting high-quality jobs in industries such as automotive and food and drink.
It saves an estimated £42 million tariff burden on UK exports including through eventual zero tariffs on cars, and zero tariffs on beef, fish, chocolate bars and soft drinks. British consumers will continue to benefit from zero tariffs on Canadian maple syrup, biscuits and salmon.
During the call, the Ministers reaffirmed their shared commitment to pursuing a new trade deal this year which would look to go further and faster in a number of areas including digital, data, the environment and women’s economic empowerment.
Ms Ng welcomed the UK’s interest in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Both Ministers agreed to work together to promote free and fair trade globally, including at the upcoming G7 Trade Ministers’ meeting.
International Trade Secretary Liz Truss said: “We have an exciting year ahead working with Canada to advance our shared priorities for free and fair trade and I look forward to building further momentum through our G7 Presidency this year. Later this year, we will take our trading relationship to new heights by starting negotiations on a new trade deal that will help us set the bar for 21st Century trade, bringing jobs opportunity, and prosperity for our people.”