Britain and Canada agree to keep current trade relations after Brexit
The UK and Canada have agreed to maintain the current trade relationship to keep the flow of goods and services worth $27 billion between the two countries after Brexit.
According to Reuters, the parties have pledged to begin negotiations on an individual agreement next year.
This means that from January 1, 2021, despite the end of Brexit, the UK will maintain the same terms of trade with Canada that it had as a member of the European Union.
British Prime Minister Boris Johnson called this agreement fantastic and expressed hope that trade between the two countries will intensify.
The UK-Canada Continuity of Trade Agreement will be subject to final legal review prior to formal signing.
"This is a good point," Trudeau said.
The UK is Canada's fifth-largest trading partner after the US, China, Mexico, and Japan.
On January 31, 2020, the UK ended its 47-year membership in the European Union.
The country withdrew from the EU with an approved agreement between London and Brussels, which the European Parliament ratified on January 29. In accordance with the agreement, the transition period will last almost another year: until December 31, 2020, trade and customs agreements between the EU and the UK will remain valid.
At the moment, both sides want to sign an agreement on further relations until mid-November.