Uk Canada Trade Continuity Agreement Text

The UK Canada Trade Continuity Agreement Text: What You Need to Know

The UK and Canada have a long-standing trading relationship, with over $27 billion in bilateral trade in goods and services in 2019. In order to ensure continuity in this relationship as the UK leaves the European Union, the two countries have signed a trade continuity agreement to maintain their existing trade relationship. The text of this agreement has now been released, so let`s take a closer look at what it entails.

The agreement covers a wide range of areas, including trade in goods and services, investment, government procurement, intellectual property, and more. Here are some of the key points to note:

Trade in Goods

Under the agreement, tariffs will remain at zero on all goods traded between the UK and Canada, which means there will be no additional costs for businesses. This includes both goods that are already duty-free and those that were previously subject to tariffs under the EU-Canada Comprehensive Economic and Trade Agreement (CETA).

Rules of Origin

To qualify for duty-free treatment under the agreement, goods must meet certain «rules of origin» requirements. This means that a certain percentage of the value of the product must originate in the UK or Canada. This is to prevent goods from other countries being re-routed through the UK or Canada to take advantage of the duty-free status.

Services and Investment

The agreement includes provisions for the liberalization of trade in services and investment between the UK and Canada, which will benefit businesses in sectors such as finance, professional services, and technology. This will mean that companies from both countries can operate in each other`s markets under more favorable conditions.

Government Procurement

The agreement also provides for greater access to government procurement markets for businesses in both the UK and Canada. This means that companies from both countries will have the opportunity to bid for government contracts on an equal footing with domestic suppliers.

Intellectual Property

The agreement also includes provisions for the protection of intellectual property rights, including trademarks, patents, and copyrights. This will ensure that businesses in both countries can continue to protect their intellectual property in the other country.

Overall, the UK Canada Trade Continuity Agreement Text provides a solid foundation for continued trade between the two countries. By maintaining existing tariff preferences and liberalizing trade in services and investment, the agreement will help to sustain and grow the bilateral trade relationship. Businesses in both countries can now look forward to continued trade with each other on a level playing field.