The treaty effectively confirms that the two sides will continue to trade under current conditions. The transition period for Britain after its exit from the European Union expires at the end of the year and European rules still apply to it, including on trade.
London and Ottawa also agreed to start negotiations next year for an agreement that would deepen their trade ties, BTA reported.
Britain has already negotiated trade deals with many countries. Most of these agreements repeat the terms of trade already agreed by the EU with the country concerned.
The British Ministry of International Trade said that the “agreement in principle” signed today with Canada paves the way for negotiations in 2021 for a more comprehensive trade treaty to include areas such as digital technology, the environment and the inclusion of women in the economy.
The government in London says it has negotiated bilateral trade deals with 53 countries over the past two years totalling 164 billion pounds (about $218 billion).
The agreement on continuing trade concluded today between Britain and Canada will be officially signed after final legal checks are carried out, Reuters notes.
UK and Canada strike post-Brexit trade deal
Britain and Canada struck a trade deal today to preserve post-Brexit exchanges of goods and services between them totalling $27 billion a year, Reuters reported.tags:
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