The Department for International Trade (DIT)said firms across the UK will be able to take immediate advantage of a near-total removal of tariffs on exports to Canada, as the EU-Canada Comprehensive Economic and Trade Agreement (CETA) comes into effect today.
The deal, which will see the removal of 98% of tariffs on goods and services, means 98% of import duties will be scrapped.
The UK, Canada’s sixth largest source of goods imports and second largest source of service imports, exported more than £7 billion worth of goods and services to Canada in 2015.
DIT said it wants British firms “to seize upon the chance to boost business in Canada” and that the deal gives UK companies “easy access to a valuable market of more than 35 million people, opening the door for companies to strike up productive relationships for future trade with Canada.”
“CETA will mean that even more British ingenuity and expertise will support Canadian public projects, as UK firms are now able to bid for contracts in areas such as finance, cyber and engineering.” DIT said.
International Trade Secretary, Liam Fox, said:
“CETA opens the door for UK companies to trade easily and cheaply with a valuable market in which there is considerable demand for British products, skills and expertise.
“It is also an important blueprint for what our future trading relationship with Canada could look like. As an international economic department, we will help UK companies to make the most of this boost to bilateral trade and lay solid foundations for our trading ties with Canada.”
DIT said the Government is committed to seeking continuity in trade and investment relationships with third countries as the UK exits the EU.
Canadian Minister of International Trade, François-Philippe Champagne, commented:
“CETA sets new and progressive standards for all trading nations. As long standing trading partners, Canada and the UK, remain steadfast in their joint commitment to the benefits of global free trade. I am confident that with CETA, we have set the stage for exciting opportunities for British and Canadian companies alike.”
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