OTTAWA (CU)_Following United Kingdom’s withdrawal from the European Union in 2019, London has set out to forge close ties with some of the biggest economies in the world. Having left the 27-member bloc, Britain is keen on developing trade relations with other global allies as an independent nation. The country has taken a particular interest in strengthening its cooperation with member states of the Commonwealth and as part of these efforts, the country has launched negotiations with one of the biggest economies in the association on a new, modernised trade deal.
Last year, the United Kingdom was Canada’s third-largest individual country trading partner, with goods and services worth $42.2 billion exchanged between the two countries. According to Canada’s Foreign Ministry, the country exported $24.1 billion in goods and services to the United Kingdom and imported $18.1 billion in goods and services from the European nation last year.
Accordingly, both countries are expected to benefit from the strengthening of trade relations between London and Ottawa. A statement issued by the United Kingdom’s Department for International Trade reveal that Trade Secretary Anne-Marie Trevelyan met with her Canadian counterpart Minister Mary Ng to formally launch trade talks as they aim to reach a new Free Trade Agreement that will build on the benefits of the UK-Canada Trade Continuity Agreement, and go further in areas like innovation, environment, digital and women’s economic empowerment.
“The UK and Canada are close friends and international allies who believe in the value that free and fair trade brings to livelihoods and communities,” Trade Secretary Trevelyan said. “We want a new deal for the 21st century – one that will boost our thriving services sector, promote higher standards of living and act as a beacon for others to follow in its world-leading commitments on climate change and women’s economic empowerment.”
Commenting on their recent decision Minister Ng said: “I am thrilled to launch negotiations for a new benchmark agreement with the United Kingdom that will raise the bar for women, racialized people, and small businesses.”
