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UK trade with Canada up 14% since new free trade agreement introduced

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Staff Writer | December 11, 2018
New statistics released last week reveal that British businesses are already benefiting from the ability to trade freely with Canada without paying any duties at Canadian customs.
Canada border
Britain   UK exports of goods to Canada have increased by 13.7%
UK exports of goods to Canada have increased by 13.7% to £6.15 billion in the last 12 months since a new free trade agreement was introduced.

The growth in exports coincides with the provisional implementation of the EU-Canada Comprehensive Economic and Trade Agreement (CETA) in September 2017.

It is a significant increase when compared to the 5 years prior to the agreement being introduced, which saw annual trade increase by an average of just 3.9%.

CETA is one of the most extensive EU free trade agreements to date and removes 98% of export duties that are currently in place.

The food and drink industry was previously subject to tariffs of up to 11% but these have now been reduced to zero in most cases.

Meanwhile, auto tariffs are being reduced from 6.1% down to zero over several years so the British motor industry is expected to benefit even more in the years ahead.

Meat exports to Canada increased by 36.3% last year to £2.8m and wine exports grew by 16.6% to £1.75 million.

A significant proportion of UK exports pass through Liverpool Port, which account for 77% meat exports and 47% of wine exports. The city is a major gateway to Canada thanks to its strategic location and its importance is expected to grow even further as a result to a £400 million expansion project.


 

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