Firms over the UK could take advantage of a near-total taking out tariffs on exports to Canada, because EU-Canada Comprehensive Economic and Trade Agreement (CETA) makes effect today (21 September).
This means 98% of import duties shall be scrapped, giving UK companies single handed access to your valuable market in excess of 35 million people, opening the for businesses to start productive relationships for future invest with Canada and then make the best of high demand for world-leading British services and goods.
The deal will:
- cut duties on 92% of food and drinks products including beef, cheese and marmalade to zero
- allow zero tariffs on spirits including gin, vodka and whiskies
- eliminate nearly all tariffs on manufactured products for example cars
The UK is Canada’s second largest provider and services information imports and CETA will mean that far more British ingenuity and expertise will support Canadian public projects, as UK firms are able to bid for contracts in areas including finance, cyber and engineering.
International Trade Secretary, Liam Fox, said: “CETA opens the door for UK companies to trade easily and cheaply by using a valuable market wherein there exists considerable interest in British products, skills and expertise.
It is usually a significant blueprint for that which our future trading relationship with Canada could appear like. As being an international economic department, we’re going to help UK companies to make the a majority of this boost to bilateral trade and lay solid foundations for that trading ties with Canada.”
Canadian Minister of International Trade, Fran?ois-Philippe Champagne, said:“CETA sets new and progressive standards for many trading nations. As long standing trading partners, Canada and the UK, remain steadfast inside their joint resolve forpersistance to the benefits of global free trade. Now i’m positive that with CETA, we have now set the stage for exciting opportunities for British and Canadian companies alike.”
The UK exported over 7 billion price of products to Canada in 2015 which new deal allows British businesses to have further advantage of this.
The UK is Canada’s sixth largest origin of goods imports and secondly largest method of obtaining service imports. DIT is helping UK companies benefit from the opportunities CETA brings and wants British firms to get upon to be able to boost business in Canada.