Benefits of CETA already evident in UK

Legislation | | MIC Customs Solutions |

British businesses are already enjoying duty-free trade with Canada, figures have shown.

The benefits of the EU-Canada Comprehensive Economic and Trade Agreement (CETA) are already being felt in Britain, according to new figures.

According to the government, UK exports of goods to Canada have increased by 13.7 per cent to £6.15 billion (€6.85 billion) in the 12 months since the introduction of the free trade agreement.

This is significant when compared to the annual trade increase average of just 3.9 per cent in the five years prior to the introduction of CETA.

One of the most extensive free trade agreements ever seen, CETA has removed 98 per cent of export duties that had been seen on products such as automobiles and food.

It meant that British businesses can trade freely with their counterparts in Canada without having to pay costly duties once their items reach Canadian customs.

International trade secretary Dr Liam Fox said: "We are committed to transitioning this deal into UK law after we leave the EU and the Department for International Trade is on hand to help even more British businesses establish a strong foothold in the Canadian market."

The Canadian government has also committed to transitioning CETA into a bilateral deal after Brexit in order to allow the UK and Canada to continue to enjoy seamless trade.