Brexit rollover trade deal after UK, Canada sign | The Express Tribune

TORONTO /
London:

Britain and Canada signed a rollover trade deal on Saturday to protect the flow of $ 27 billion worth of goods and services after Brexit, and vowed to begin negotiations on a bespoke agreement next year.

As Britain prepares to end its transition outside the European Union on 31 December, it has negotiated a number of rollover bilateral deals to maintain trade, with many replacing the terms which Bloc had already agreed.

British Prime Minister Boris Johnson joined Canada’s Justin Trudeau and their respective trade ministers on an online call to mark the deal, calling for a tailor-made agreement to support more sectors such as digital trade, small businesses, the environment and women’s economic empowerment Covers. .

“Today’s agreement reduces locks to $ 20 billion in trade and thousands of jobs,” Britain’s International Trade Secretary Liz Truss said in a statement.

His Canadian counterpart Merry Ng said the transitional agreements are “largely replicable” EU cuts on tariff reductions and labor and environmental provisions.

“We want an ambitious, high-level comprehensive trade agreement with Britain,” Ng said, indicating that Canada wanted similar terms for the EU deal.

The UK 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 strike alone and negotiate better trade agreements than the European Union, which he says would leave the world’s largest trading bloc There are benefits to its historical decision.

In less than two years it has agreed trade deals with 53 countries, with British bilateral trade accounting for £ 164 billion ($ 217.82 billion). Critics of Johnson say that the EU deals are very similar.

The UK-Canada Business Continuity Agreement will be subject to final legal scrutiny before it is formally signed. “It’s a great moment,” Trudeau said.

The “splendid agreement” ensured trade with one of Britain’s closest allies “from strength to strength”, Johnson said in a statement.

“Our negotiators are working out to secure trade deals for the UK, and from early next year we have agreed to begin work on a new, trade agreement with Canada that meets the needs of our economy Will move forward in doing, ”he added.

Last week, Trudeau said Ottawa and London should be able to agree on an “easy” trade deal by the end of the year, but also said Britain’s “bandwidth” for negotiations was a challenge because it was at the same time. Interacts with several major business partners. .

Published in The Express Tribune, 22 Novembernd, 2020.

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