Canada and U.K. make stopgap deal to avert tariffs after Brexit

Published 2020년 12월 22일

Tridge summary

Canada and the United Kingdom have secured a temporary agreement to prevent an increase in tariffs on Canadian goods following the UK's exit from the European Union. This deal, announced by Canada's Deputy Prime Minister, Chrystia Freeland, ensures that Canadian products such as maple syrup, lobster, beef, and car parts will not be subject to British tariffs from January 1, 2021. This agreement maintains the current tariff levels until the completion of the full trade deal. The annual trade between Canada and the UK amounts to about $29 billion, making the UK Canada's third-larged export market. The agreement was necessary as the previously negotiated new treaty, aiming to extend the EU deal to Britain, was not ratified by Parliament before its winter recess.

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Original content

OTTAWA — Canada and the United Kingdom have inked a temporary agreement that will head off an automatic increase in tariffs that was set to kick in when Britain leaves the European Union next week. Deputy Prime Minister Chrystia Freeland announced the last-minute deal on Tuesday, ensuring Canadian goods such as maple syrup , lobster, beef and car parts aren't slapped with British tariffs on Jan. 1. "With this announcement, our government will ensure Canadian businesses that trade goods with the United Kingdom continue to have preferential access," Freeland said in a statement. "This action is important for many businesses and jobs in Canada, which benefit from the strong economic ties between our two countries." Canada and Britain conduct about $29 billion in trade each year, according to the federal government, with the U.K. ranks as Canada's third-biggest export market. Trade between the two countries is currently covered by the free-trade agreement that Canada has with the EU, ...

Source: Timescolonist