BRITAIN SIGNS SECOND KEY POST-BREXIT TRADE DEAL WITH CANADA


22/11/2020




Selin ATAY-TDO- Britain, which will continue international trade relations on its own after Brexit, has signed its second major trade deal with Canada.

Despite formally leaving the European Union in January, the UK continues to benefit from trade agreements signed within the European Union until December 31.

If it fails to sign bilateral agreements with other countries by December 31, tariffs may be introduced on import and export transactions and customs formalities will increase. Britain aims to avoid such problems while far-reaching negotiations continue with this interim agreement it has signed with Canada.

"This is our England transatlantic trade to continue smoothly with our closest partners for doing a great deal of" British Prime Minister Boris Johnson said in a written statement regarding the agreement with Canada.

Boris Johnson said negotiations would also begin for a more comprehensive trade deal that would better meet the needs of the UK economy from the start of 2021.

Britain had signed a similar agreement with Japan in October. In the first free trade agreement the UK signed post-Brexit, both countries had cut new customs tariffs.

The UK agreed that it would reduce customs duties on Japanese cars and abolish them completely in 2026. The deal is projected to increase the volume of trade between Japan and the UK to $ 20 billion annually.

British International Trade Secretary Liz Truss and Japanese Foreign Minister Toshimitsu Motegi spoke to reporters after a signing ceremony in Tokyo, the capital of Japan. Liz Truss said the UK had become an "independent trading" country again.


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