MP says this paves way for next trade talks
The United Kingdom and Canada have in principle agreed a rollover trade agreement, ensuring that around £42 million in tariffs which would have applied in the event of no deal being avoided as the UK leaves the Transition Period. This provides certainty for British and Canadian businesses, and will help the approximately £11.4 billion worth of goods that Britain exports to Canada each year. Total trade between the two countries is £20 billion each year, and two-way foreign direct investment was worth over £50 billion at the end of 2018.
John said,
“I welcome this good news, and congratulate our trade negotiators. This agreement ensures we do not lose ground on our trade with Canada, and it paves the way for the new, deep and advanced UK-Canada trade agreement which should be agreed next year. Leaving the EU is allowing Britain to flex its muscles on the international stage and, taken together with the largest increase in defence spending since the Cold War, this agreement sends the strong message that post-Brexit Britain is open to the world.”
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