Regardless of the outcome of the negotiations on the future relationship between the UK and the EU, whether the transition period ends without an agreement between the EU and the UK or an agreement covering only part of the current trade relationship, it is likely that at the end of the transition period there will be immediate changes to the TRADE and investment rules between the UK and the EU. Two-way merchandise trade with the United Kingdom totaled $29 billion in 2019, making it Canada`s fifth largest trading partner after the United States, China, Mexico and Japan. The new agreement contains a specific letter of opinion on cheese. Under CETA, British cheesemakers had duty-free access to the Canadian market they were to lose after Brexit. In the video interview, which was also attended by International Trade Minister Liz Truss and her counterpart Mary Ng, Mr. Trudeau said, “We can now continue to work on a tailored agreement, a comprehensive agreement in the years to come, that will truly maximize our trade opportunities and make things better for all.” It`s a great deal for Global Britain. It guarantees trade with a friend and ally worth $20 billion who shares our commitment to free enterprise, democracy and free trade. In particular, it provides security for exporters of automobiles, food and beverage products and paves the way for a more advanced agreement that goes further and faster in modern areas such as digital and data, the economic strengthening of the role of women and the environment. The UK has left the EU, but its trade relations remain unchanged until the end of the year. That`s because it`s in an 11-month transition – designed to give both sides some time to negotiate a new trade deal. Ratification of trade agreements is the responsibility of the federal cabinet, but before an agreement is reached, Parliament must pass implementing legislation so that Canada is ready to meet the date it takes effect. “I know that it is important for the British government to reverse and demonstrate free trade agreements. Canada is really simple.
That`s why we`re here. We`d like to do that, so I hope it will be done, but it`s the British government,” Trudeau said last week at an online event hosted by the Financial Times. The agreement with Canada would be the second major trade agreement announced by Britain in less than a month, after reaching an agreement with Japan at the end of October.