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The Canada–United Kingdom free trade agreement (CUKFTA) is a proposed free trade agreement which began negotiations on 24 March 2022. [1] The trade agreement will be the third FTA to cover Canada–UK trade, and will supersede the Canada–United Kingdom Trade Continuity Agreement, extending the deal to cover services and digital trade.
- Future zero tariffs on UK car exports to Canada, which were worth £757 million in 2019, supporting factories and jobs in communities. Without this agreement, Canada's standard tariffs on cars of 6.1% would have applied. - Tariff-free trade on 98% of goods that can be exported to Canada including beef, fish and seafood and soft drinks.
In November 2020, the UK and Canada signed a continuity agreement in order to apply the terms of the EU-CA agreement to their bilateral trade. [25] On 24 March 2022, Canada and the UK opened negotiations for a deeper and more comprehensive free trade agreement . [ 26 ]
The trade ministry said the relationship with Canada was worth 19 billion pounds ($25.06 billion) in 2020, and a new deal could help make it easier for the services sector to trade in Canada.
Total bilateral trade in goods and services between the two countries was 25.9 billion pounds ($32.9 billion) in the year ending June 30, 2023, with Canada the UK's 18th biggest trading partner.
The free trade agreements of Canada represents Canada's cooperation in multinational trade pacts and plays a large role in the Canadian economy. Canada is regularly described as a trading nation , considering its total trade is worth more than two-thirds of its GDP (the second highest level in the G7 , after Germany ).
CANZUK International is an international advocacy organisation which aims to achieve the free movement of citizens, free trade agreements and foreign policy cooperation between Canada, Australia, New Zealand and the United Kingdom through intergovernmental action and the formation of a proposed diplomatic alliance known as CANZUK.
The Standing Committee on International Trade (CIIT) is a committee in the House of Commons of Canada. It focuses on international trade. The committee was established in the 39th Parliament, having split off from the Standing Committee on Foreign Affairs and International Trade.