UK can replicate EU-Canada trade deal

20-Sep-2017 @ 01:00

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UK can replicate EU-Canada trade deal

A deal which is likely to form the blueprint for post-Brexit trade relations between the UK and Canada comes into effect tomorrow (21st September).

The EU-Canada Comprehensive Economic and Trade Agreement (CETA) is the most detailed ever signed by the EU and will be worth £1.3 billion a year to Britain alone. From tomorrow UK producers, businesses and consumers will begin to realise the benefits when most parts of the agreement begin to be applied.

At their meeting in Ottawa on Monday, Prime Minister Theresa May and her Canadian counterpart Justin Trudeau confirmed they would use the agreement to enable a quick transition to a new trade deal between the two countries once Britain leaves the EU.

Conservative MEPs welcome CETA as a "gold standard" for future trade agreements

Conservative MEPs championed CETA's difficult passage through the European Parliament and welcomed the fact it was finally coming into force, seven years after negotiations began.

Conservative Joint International Trade Spokesman David Campbell Bannerman MEP worked on the agreement in Parliament as a shadow rapporteur,. He said: "CETA removes 99 per-cent of tariffs on trade between the EU and Canada and importantly for the UK reduces barriers for trade in services. With services representing half of the UK’s exports to Canada this is good news for our small and medium sized businesses that were previously priced out of the Canadian market.

"It is no surprise that Justin Trudeau has welcomed the idea of doing a trade deal with UK, given how difficult it was the EU to ratify the deal."

Emma McClarkin MEP, his fellow joint spokesman, added: "Canada is a country with which the UK shares values and principles and this agreement is one that both us would want to continue and build on after we leave the European Union.

"I believe CETA will become the gold standard of agreements and one we can tailor the deal to suit the priorities of the British and Canadian economies post-Brexit."

The CETA agreement was almost derailed earlier this year when the Walloon regional parliament in Belgium refused to ratify the deal. Consequently certain elements, such as investment protection, will not be applied until approved by all national and regional parliaments.


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