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Canada-UK signs new trade agreement before Brexit





Canada and the UK have reached a new interim trade agreement on Saturday, ahead of the Brexit deadline of December 31st.

Prime Minister Justin Trudeau and British Prime Minister Boris Johnson announced at the start of the hypothetical G20 summit.

The trade deal between the two countries is essentially a continuation of a Comprehensive Economic and Trade Agreement (CETA) that includes Canada and the United Kingdom, but the portion between Canada and the United Kingdom would have expired when Brexit began.

Trudeau said the deal would give the two countries time to proceed with a more detailed deal.

“Now we continue to customize [tailored] It’s a comprehensive agreement over the coming years that will maximize our trade opportunities and promote work for all,” Trudeau said.

Johnson tweeted his passion for “a fantastic trade agreement” that opens the Canadian market to the UK.

“British companies are exporting everything from electric vehicles to sparkling wines to Canada, and today’s deal will ensure that trade goes from strength to strength.”

Known as the Canada-UK Trade Continuity Agreement, this deal ensures that 98% of the goods traded between the two countries are not subject to tariffs.

Transactions between the two in 2019 totaled $29 billion Canadian dollars.

Mary Ng, Canada’s Minister of International Trade, said, “We knew the importance of entering into interim agreements to ensure the continuity and predictability needed by businesses, exporters and our workers on both sides of the Atlantic Ocean. “This trade continuity agreement between Canada and the UK ensures that we maintain strong and mutually beneficial trade relationships.”

This transaction must be approved in both countries and Canada. In other words, it must be approved by Congress.

Canadian opposition politicians complained that there was not enough time to scrutinize all the provisions of the deal before the traditional long vacation leave.

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