Britain and Canada signal post-Brexit rollover commerce deal


© Reuters. FILE PHOTO: PMs Johnson and Trudeau at G7 summit 2019 in Biarritz

By Kate Holton

LONDON (Reuters) – Britain and Canada struck a continuity commerce deal on Saturday to keep up the movement of products and companies value $27 billion between the 2 international locations after Brexit, and vowed to deepen ties with talks on a bespoke settlement subsequent yr.

Britain is negotiating a number of rollover bilateral commerce offers to return into power as soon as it exits a transition association with the European Union on the finish of this yr, with lots of them merely changing the phrases the bloc had already agreed.

Britain’s Division for Worldwide Commerce stated the “settlement in precept” to roll over the EU-Canada buying and selling association paved the way in which for negotiations to start in 2021 on a tailored deal that would cowl extra areas corresponding to digital commerce, the surroundings and ladies’s financial empowerment.

“At the moment’s settlement underpins 20 billion kilos value of commerce and locks in certainty for the hundreds of jobs,” commerce minister Liz Truss stated in a press release.

“We sit up for putting a brand new extra formidable deal subsequent yr with the intention of making extra alternatives for companies and bettering the lives of individuals throughout the nation.”

British Prime Minister Boris Johnson is making an attempt to form a “international Britain” that may strike out alone and negotiate higher agreements than the EU. Thus far, his critics level out, the offers have largely been the identical.

The federal government says in lower than two years it has agreed commerce offers with 53 international locations, accounting for 164 billion kilos of British bilateral commerce.

Truss stated the settlement would stop an estimated 42 million kilos value of tariffs being utilized on items corresponding to automobiles, beef and fish.

The UK-Canada Commerce Continuity Settlement will likely be topic to ultimate authorized checks earlier than it’s formally signed.

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