Saturday, 28 November, 2020

UK, Canada reach trade deal in a Brexit boost for Johnson

Brexit talks on hold after EU negotiator tests positive for Covid-19 | ITV News Post-Brexit talks hit new delay after Barnier official gets COVID-19
Deanna Wagner | 22 November, 2020, 02:12

The two countries will continue trading under the same terms as the current European Union agreement after the Brexit transition period ends.

Today's agreement covers bilateral trade worth about 20 billion pounds (US$27 billion) in 2019, the trade office said.

The interim deal beat the looming December 31 Brexit deadline, replacing Canada's current agreement with Britain under the European Union that covers trade between the two countries.

Instead, the two sides agreed to "roll over" the CETA in a short-term transitional agreement, replicating most of the existing language and renegotiating only what was required to make it fit United Kingdom -only trade.

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

Britain is now locked in fraught talks with the European Union to set the terms of their future trading relationship for when the post-Brexit transition period ends on December 31.

DIT added the settlement with Canada secured this weekend paves the way for negotiations to begin in the new year on a comprehensive deal with Canada, which Brexiteers have touted as a benefit of leaving the bloc.

Warm, dry start to weekend; possible storm for Thanksgiving
Sunday will feature much of the same, with breezy weather, highs in the low 80s, with a few passing afternoon showers. Get out there and enjoy it if you can because clouds will be on the increase overnight tonight and into tomorrow.

Speaking with 570 NEWS, Cambridge Chamber of Commerce President & CEO Greg Durocher said that any trade that Canada can conduct in these "difficult times" is essential, adding that the avoidance of those looming tariffs on Canadian exports is "simply good for business locally".

Britain imports products such as salmon and maple syrup from the Commonwealth country that also recognizes Queen Elizabeth II as head of state.

"This is a fantastic agreement for Britain which secures transatlantic trade with one of our closest allies".

It's one of 53 countries the United Kingdom has signed agreements with ahead of the finalization of its departure from the the end of the year - at which point it will no longer be covered by the umbrella of deals forged by the union.

President-elect Joe Biden has warned there will not be such a deal if Britain is seen to undermine the 1998 Good Friday peace agreement as part of its own regulations governing post-Brexit trade at the border between Ireland and Northern Ireland. That's less than 12% of the 1.4 trillion pounds (about $1.9 trillion) of trade Britain recorded a year ago.

"I think we've been known to be a country of traders (...) we're a small speck in the greater global world and the more relationships we can have that have good trade possibilities is vital to the Canadian economy..." said Durocher.