The two prime ministers are expected to agree that the EU-Canada Comprehensive Economic and Trade Agreement (CETA) has the potential to boost transatlantic prosperity and should be transitioned to form a new bilateral arrangement between the UK and Canada post-Brexit.
Mrs May and Mr Trudeau are also set to agree the establishment of a new joint working group to prepare the ground for transitioning the deal.
- Liam Fox showcases best of British business in Japan
- Department for International Trade appoints chief trade negotiation adviser
- 58% of UK business leaders value trade as top priority for Brexit negotiations
The UK is currently the second biggest destination for Canadian investment abroad (after the US) with the trade relationship worth £15.2bn annually to both economies.
The CETA deal eliminates 98% of Canadian import duties and transitioning its benefits would create trading opportunities for the UK and Canada post-Brexit.
“My visit to Canada today is not only about recognising our past, but also looking ahead to our bright future,” said Mrs May.
“We are both countries with ambitions to lead on the world stage and progressive values that underpin those ambitions – values including the importance of free trade and respect for international law.”
In total, £1.75bn of Canadian money has been invested in the UK since March and the UK has over 10,000 companies exporting goods to Canada.
A number of commercial deals are also expected to be announced during the visit.
Leave a comment