Britain and Canada sign trade agreement

Britain and Canada sign trade agreement

It is banking on increased trade with the U.S. and India to offset the impact of severing ties with the European Union, which accounted for 47 percent of the UK's trade a year ago.

The UK has inked post-Brexit trade deals with 53 countries valued at $218 billion of bilateral trade, which is less than 12 percent of the $1.9 trillion of trade the UK recorded a year ago.

Tariff-free trade on 98% of export goods to Canada including beef, fish, seafood and soft drinks.

The new Midlands North West MEP Colm Markey remains hopeful a trade agreement will be struck between the European Union and the UK.

One of the reasons the European Commission insists the trading relationship be covered by a single overarching treaty is that it will make it simpler to "plug" in new future agreements to rebuild the relationship over time.

The UK ships such goods as electric cars and sparkling wine to Canada, while importing such products as salmon and maple syrup.

Trade between the two totaled CAN$29 billion in 2019. "We look forward to striking a new more ambitious deal next year with the aim of creating more opportunities for businesses and improving the lives of people across the country".

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International Trade Secretary Liz Truss said: "Today's agreement underpins £20 billion worth of trade and locks in certainty for the thousands of jobs". Before it is formally signed, the UK-Canada Trade Continuity Agreement will be subject to final legal checks. Negotiators will hash out a more formal agreement in 2021.

There is a small outpost of British territory in the Pacific Ocean in the form of the Pitcairn Islands.

Meanwhile, Boris Johnson talked up the chances of a post-Brexit UK-Australia free trade deal being secured.

Britain is also expected to secure a trade deal with Australia by Christmas, according to former Australian prime minister turned British trade envoy Tony Abbott. That's because it's in an 11-month transition - created to give both sides some time to negotiate a new trade deal.

The deal with Canada is the second major trade agreement announced by Britain in less than a month, after it agreed to terms with Japan in late October.

The EU official stressed that annual renegotiation of fishing quotas was still a no-go for the 27-nation bloc.

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