EU-Canada trade deal gives British exports huge boost

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Europe

British exports to Canada have increased by 13.7 percent since a trade deal between the European Union (EU) and Canada was introduced, according to Britain's Department for International Trade (DIT) on Monday.

Businesses are benefiting from the provisional implementation of the EU-Canada Comprehensive Economic and Trade Agreement (CETA) in September 2017, with the ability to trade freely with Canada without paying any duties at Canadian customs, the DIT said.

The DIT said that the latest figures was a significant increase when compared to the five years prior to the agreement being introduced, which saw annual trade increase by an average of 3.9 percent. British meat exports to Canada increased by 36.3 percent last year, while wine exports grew by 16.6 percent.

"The rapid growth in UK exports to Canada is great news for British people, who are already seeing how our free trade agenda can help to create jobs, boost economic growth and provide more choice for consumers," Britain's International Trade Secretary Liam Fox said Monday.

"CETA is one of the most ambitious free trade agreements and it will eliminate almost every tariff on goods between our two nations, giving a boost to a range of British businesses from our motor industry to our brewers and distillers," Fox said.

The CETA deal is one of the most extensive EU free trade agreements to date and removes 98 percent of export duties that are currently in place.

The UK and Canadian prime ministers have both committed to seeking to seamlessly transition CETA into a bilateral deal that will allow British and Canadian companies to enjoy as free and frictionless trade as possible after the UK leaves the EU, according to the DIT.

Source(s): Xinhua News Agency