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With the first round of negotiations expected to start next week, the UK and Canada launched negotiations on a new Free Trade Agreement (FTA) on 24 March 2022. Both parties previously agreed on a Trade Continuity Agreement (TCA) last year, which acts as an interim deal until a comprehensive FTA is in place.
The new FTA is set to go further than the TCA in areas like innovation, digital, data, the environment and women’s economic empowerment. For example, the adoption of digital trading systems could make trade cheaper, faster and more secure for businesses. This could see UK small and medium-sized (SMEs) businesses benefiting from lower barriers to trade such as simplified paperwork. The FTA could also bring other benefits such as enhancing cooperation on tackling climate change by promoting green trade and supporting commitments including those in the Paris Agreement.
More information on the UK’s negotiating objectives for the UK-Canada FTA can be found UK Government website.
