British and Canadian business federations call for action to sign bilateral trade agreement

British and Canadian business federations call for action to sign bilateral trade agreement

Trade between the UK and Canada has immensely benefitted from the Comprehensive Economic and Trade Agreement (CETA) with trade increasing by nearly 10% over the last two years alone. But as the UK and EU’s transition period nears its end, the clock is ticking. The benefits businesses have under CETA are set to disappear and without a trade deal in place both our countries will be going into unchartered territory.

After months of trade and supply chain disruptions due to the pandemic, a continuation of uncertainty as our economies slowly rebuild is not an environment businesses can withstand.

We welcome the efforts to re-start discussions on shifting CETA into a bilateral UK-Canada trade agreement and call on our governments to make use of this fresh impetus to reach a deal at the earliest opportunity.

Securing a deal will be the quickest way to enable trade continuity in the short term and provide a foundation to build a stronger trade relationship in the long-term, including on issues such as services, digital trade, regulatory cooperation, and sustainability. Ultimately, reaching an agreement will grow our economies and provide new opportunities for people in both our countries.

About the Confederation of British Industry

Across the UK, the CBI speaks on behalf of 190,000 businesses of all sizes and sectors. The CBI’s corporate members together employ nearly 7 million people, about one third of private sector-employees. With offices in the UK as well as representation in Brussels, Washington, Beijing and Delhi, the CBI communicates the British business voice around the world.

About the Canadian Chamber of Commerce

The Canadian Chamber of Commerce helps build the businesses that support our families, our communities and our country. We do this by influencing government policy, by providing essential business services and by connecting businesses to information they can use, to opportunities for growth and to a network of local chambers, businesses, decision-makers and peers from across the country, in every sector of the economy and at all levels of government, as well as internationally. We are unapologetic in our support for business and the vital role it plays in building and sustaining our great nation.