Uk Canada Free Trade Agreement Text
The UK-Canada Free Trade Agreement: A Comprehensive Look at Its Text
The UK-Canada Free Trade Agreement (FTA), also known as the Canada-UK Trade Continuity Agreement (TCA), is a landmark deal that seeks to strengthen trade and investment ties between the two countries. Signed in November 2020, the agreement aims to provide certainty and stability to businesses and consumers in both countries as the UK transitions out of the European Union (EU).
The text of the agreement has been made available to the public, and it is important for businesses and individuals to understand what it entails. In this article, we will take a comprehensive look at the text of the UK-Canada FTA and its key provisions.
Tariffs and Customs
One of the main objectives of the UK-Canada FTA is to eliminate tariffs on goods traded between the two countries. The agreement provides for the immediate elimination of tariffs on 98% of goods traded between the UK and Canada, which is expected to boost trade between the two countries by up to £1.5 billion. The remaining 2% of goods will be subject to a tariff phase-out period of up to seven years.
The agreement also contains provisions on customs procedures and rules of origin, which will help to simplify trade and reduce the administrative burden on businesses. This includes the acceptance of electronic certificates of origin and the use of self-certification for certain goods.
Services and Investment
The UK-Canada FTA also includes provisions on trade in services and investment. It provides for the liberalization of trade in services, including telecommunications, financial services, and professional services. The agreement also contains provisions on the protection of intellectual property rights and the establishment of a dispute resolution mechanism for disputes related to investment.
Labour and Environment
The UK-Canada FTA includes provisions on labour and environment standards. Both countries have committed to upholding and enforcing their existing labour and environmental laws, and to not lowering them in order to encourage trade. The agreement also provides for the establishment of a Labour and Environment Committee, which will monitor the implementation of these provisions.
Small and Medium-sized Enterprises (SMEs)
The UK-Canada FTA places a strong emphasis on supporting SMEs, which make up the majority of businesses in both countries. The agreement includes provisions to help SMEs to benefit from the trade agreement, including the establishment of a SME Forum, which will provide a platform for SMEs to share information and best practices.
Conclusion
The UK-Canada Free Trade Agreement is a comprehensive agreement that seeks to strengthen trade and investment ties between the two countries. The text of the agreement contains provisions on a wide range of issues, including tariffs, customs, services and investment, labour and environment standards, and support for SMEs. It is important for businesses and individuals to understand the key provisions of the agreement in order to take advantage of the opportunities it presents.
