Canada Will Not Roll Over EU Trade Deal with the UK If There Is a No Deal Brexit

 In Brexit, General news, Global Trade

Boris Johnson has been talking about leaving the EU no matter what. Many countries inside and outside of the EU have made it clear that they are against a No Deal Brexit.

 

Canada has joined the No Deal opponents and has made it clear that they will not extend the trade agreement it has with the EU to the UK if the UK leaves the EU without a deal.

 

Buzzfeed reports:

 

For months, Britain has been pushing the Canadians to guarantee continuity by rolling over CETA even in a no-deal scenario. However, Canada has decided to wait and see what would happen before revisiting their trading relationship, a well-placed source at the Department for International Trade told BuzzFeed News.

 

Ministers have indicated that the UK could unilaterally remove tariffs on all imports in a no-deal Brexit to prevent a sudden spike in prices for British consumers. The Canadians believe this could provide better terms for Canadian producers selling into the British market than they would get under a bilateral trade deal without any of the trade-offs.

 

and

 

Securing a continuity agreement with Canada would be a massive boost for the UK’s hopes of building a prosperous independent trade policy after Brexit. Not only is Canada a major trading partner, accounting for 1.6% of UK exports, but it has taken on outsize symbolic importance in the Brexit debate.

 

Read more here.

 

Recent Posts