Britain will seal a post-Brexit trading deal with Canada today in an agreement generating £20 billion a year for the UK economy.
It would be the second post-Brexit trade pact that Britain negotiated after Japan.
Trade Secretary Liz Truss will enter into a deal with her Canadian counterpart tomorrow that will roll over the existing EU agreement that removes 97% of tariffs.
both sides agreed to open discussions in the New Year on the United Kingdom-Canada trade agreement to strengthen relations between the two nations.
The agreement also paves the way for Britain to enter a multinational Trans-Pacific Trading Alliance since Canada is a core participant.
Participating in the 11-strong Comprehensive and Progressive Partnership Agreement (CPTPP) will give a significant lift to post-Brexit Britain, and the government aims to begin negotiations on its accession early next year.
Applauding the deal, Liz Truss, Minister of Foreign Trade, stated “This is a great deal for Global Britain.”
“It secures £20bn worth of trade with a friend and ally that shares our commitment to free enterprise, democracy and free trade.
“It provides certainty for car and food and drink exporters in particular, and paves the way for a more advanced deal that goes further and faster in modern areas like digital and data, women’s economic empowerment and the environment.’’
“The deal also takes us a step closer to joining the Trans-Pacific Partnership, a high standards agreement of 11 dynamic Pacific nations.
“Membership would deepen market access for our businesses, help turn us into a global hub for tech and services trade, and strengthen the global consensus for rules-based free trade.”