London. The United Kingdom and Canada closed a provisional post-Brexit trade agreement on Saturday that will maintain, as of January 1, 2021, the same bilateral relationship that they had while London benefited from being a member of the EU, the British ministry of international trade said.
“During a video call today, Prime Minister Boris Johnson and Canadian Prime Minister Justin Trudeau, along with International Trade Minister Liz Truss and her Canadian counterpart Mary Ng, reached an ‘agreement in principle’ that extends the current trade agreement between the EU and Canada “, indicated the British ministry.
“The agreement reaffirms the commercial exchange of a value of 20,000 million pounds (26,000 million dollars) and guarantees the security of thousands of jobs,” said Minister Liz Truss, who recalled the historical and cultural ties between the United Kingdom and its “friends and allies of Canada”.
“It is a fantastic agreement for the United Kingdom, which guarantees transatlantic trade with one of our closest allies,” said Boris Johnson, who said he hoped that this would “strengthen” British exports to Canada.
On the Canadian side, the government welcomed the maintenance of “preferential access to the British market”, which is the most important for that country in Europe.
The text, not yet officially signed, will nevertheless be provisional, as both parties plan to negotiate next year to “conclude a new, more ambitious agreement,” said the British minister.
This “personalized” agreement will allow, according to the statement, to go further “in sectors such as digital commerce, the environment and the economic valorization of women.”
For now, British companies escape with this provisional agreement some entry fees in the Canadian market that would have meant 42 million pounds (55 million dollars), according to the Ministry of International Trade.
The UK and the European Union remain mired in their post-Brexit negotiation. An agreement between both parties must be sealed and ratified before December 31.