OTTAWA ― Canada and Britain have struck a new trade deal, beating the Dec. 31 Brexit deadline that would have triggered new tariffs on a range of Canadian exports.
The interim deal will replace Canada’s current agreement with Britain under the European Union that currently covers trade between the two countries, until a new formal pact can be negotiated in the coming year.
Prime Minister Justin Trudeau and his British counterpart, Boris Johnson, announced the deal during a live video news conference on Saturday morning.
“This is a good moment,″ Trudeau said, dubbing the deal the Canada-U.K. Trade Continuity Agreement.
Now that negotiations have concluded, the deal must be approved by both governments. In Canada’s case, legislation to change regulations and laws (including its custom tariff) to comply with the new agreement must be approved by Parliament before the deal can take effect.
