Following my timely question to the Trade Secretary on Thursday, I am delighted that the United Kingdom has secured a trade agreement with Canada, one of our oldest and closest friends.
This was agreed on a video call on 21 November between Prime Minister Boris Johnson, Canadian Prime Minister Justin Trudeau, International Trade Secretary Liz Truss and her Canadian counterpart, Minister of Small Business, Export Promotion and International Trade Mary Ng.
This trade agreement will:
- Provide continuity in trade between the UK and Canada at the end of the Transition Period, avoiding around £42 million in tariffs which would have applied in the absence of a deal
- Ensure our growing trade with Canada, from cars and beef to salmon and gin, can continue uninterrupted, underpinning a trading relationship worth £20 billion
- Pave the way for a more ambitious, advanced UK-Canada trade deal in 2021
- Lock in certainty for UK businesses – around £11.4 billion worth of goods and services were exported to Canada in the last year
- Allow the UK to take another step towards becoming a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), further opening 11 key pacific markets
The Secretary of State for International Trade, Liz Truss, and her counterpart, Mary Ng, will sign this agreement shortly.