The Business Travel Magazine April/May 2019

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DEPARTURES

Economic and Trade Agreement

(CETA) was brought in, boosting

investment and making it far easier

to trade goods and services between

Canada and the EU.

Labelled ‘the most ambitious trade

agreement that the EU has ever

concluded’, CETA threw open the

door to UK firms keen to bid for

Canadian public contracts, and in

turn, meant that British importers

have seen taxes reduced to zero on

some 9,000 Canadian products.

The UK’s International Trade

Secretary, Dr Liam Fox, said: “British

businesses and consumers are

already feeling the benefits since the

agreement came provisionally into

force. The agreement eliminates

almost every tariff on goods traded

between our two countries and we

will transition it into UK law after

we leave the European Union so

that businesses can continue to

enjoy as free and frictionless trade

as possible.”

Post-Brexit, the hope is that trade

relations remain unhindered.

Department for International Trade

figures show that the UK exports

around £8.2billion of goods and

services to Canada each year,

making it our eighth-biggest export

market outside the EU. Key exports

include air and space craft,

pharmaceutical products, boilers

and electronic equipment.

In return, the UK is by far Canada’s

most important commercial partner

in Europe. Over the last five years,

the UK has grown into Canada’s

second-largest goods export market

after the United States.

However, there are considerations

for UK firms wanting to enter the

Canadian market. Canada’s federal

structure means each province has

its own regulatory processes in

place, meaning good local research

is needed to ensure the legal

requirements are met for products

in each location. Canada’s sheer size

may be another issue – it may be

worth using a local agent or

representation to work around

distance and time zones.

While Brexit uncertainty continues,

there are signs that positive trade

ties with Canada are being given a

new focus by the UK government.

Speaking recently, UK High

Commissioner to Canada, Susan le

Jeune d’Allegeershecque, said she

was confident the two countries

could avoid tariffs in the event of a

no-deal exit from the EU, with

officials from both sides holding

talks to preserve existing CETA rules.

THEBUSINESSTRAVELMAG.com

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