BRITAIN will sign its post-Brexit trade deal with Canada today in an agreement worth £20billion a year to the UK economy.
It will be the second post-Brexit trade deal Britain has signed following Japan.
Trade Secretary Liz Truss will ink the deal with her Canadian counterpart tomorrow in an agreement that will roll over the current EU agreement that eliminates 97 per cent of tariffs.
And the two sides have agreed to start talks in the New Year over a bespoke UK-Canada trade deal to deepen ties between the two countries.
The deal also paves the way for Britain to join a multi-national Trans-Pacific trade partnership because Canada is a key member.
Joining the 11-strong Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) would provide a major boost for post-Brexit Britain and the Government hopes to open talks on joining it early next year.
Hailing the deal, International Trade Secretary Liz Truss told HOAR: “This is a brilliant deal for Global Britain.
“It secures £20bn worth of trade with a friend and ally that shares our commitment to free enterprise, democracy and free trade.
“It provides certainty for car and food and drink exporters in particular, and paves the way for a more advanced deal that goes further and faster in modern areas like digital and data, women’s economic empowerment and the environment.
“The deal also takes us a step closer to joining the Trans-Pacific Partnership, a high standards agreement of 11 dynamic Pacific nations.
“Membership would deepen market access for our businesses, help turn us into a global hub for tech and services trade, and strengthen the global consensus for rules-based free trade.”
The Government says today’s agreement will give certainty for UK businesses exporting goods and services to Canada worth £11.4billion.
The trade deal supports British industries including automotive manufacturing and food and drink, which between them provide jobs for more than half a million people across the UK.
Overall, an estimated £42 million tariff burden on UK exports has been saved.
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