China News Agency, Toronto, November 21 (Reporter Yu Ruidong) Canada and the United Kingdom announced on November 21 that the two governments have reached a transitional trade continuation agreement and plan to start negotiations on a new comprehensive free trade agreement.
Data map: On January 29, local time, the European Parliament approved the "Brexit" agreement.
The picture shows the parliamentarians holding high the banner of "Forever Unity" after the voting.
China News Agency issued photos for EU
This is a measure in response to Britain’s “Brexit”.
The UK’s “Brexit” transition period is about to end at the end of this year. The Comprehensive Economic and Trade Agreement (CETA) between Canada and the EU will no longer apply to the UK from New Year’s Day 2021.
The Canadian Department of Global Affairs stated that this new transitional continuation agreement will allow both parties to continue to enjoy CETA preferential treatment, including the exemption of tariffs on 98% of Canadian products exported to the United Kingdom; at the same time, the agreement can provide companies, exporters and workers in both countries Bring stability and predictability.
Canadian Prime Minister Justin Trudeau said in a video call with British Prime Minister Boris Johnson that the transitional renewal agreement can benefit both sides, and he looks forward to negotiating a new comprehensive trade agreement in the next few years.
Canada's Federal Minister of Small Business, Export Promotion and International Trade, Wu Fengyi, said that she looks forward to working with British Secretary of International Trade Truth to ensure a smooth transition of bilateral trade relations, and Canadian workers, exporters and companies continue to benefit from it.
This transitional agreement, which will take effect on January 1, 2021, is still awaiting the final confirmation of legal procedures by both parties.
In Canada, approval by Parliament is required.
The UK will withdraw from the European Union on January 31, 2020, with a transition period of 11 months.
The trade agreement CETA between Canada and the European Union will continue to be effective and will not be affected by the Canada-UK transitional trade continuation agreement.
The United Kingdom is currently Canada's fifth largest trading partner, behind the United States, China, Mexico and Japan.
In 2019, the two-way merchandise trade between Canada and the United Kingdom totaled 29 billion Canadian dollars.
The UK is also the third largest market for Canadian exports in the world and the largest market in Europe.
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