The agreement will allow UK businesses to take advantage of the removal of 98% of tariffs on goods and services.

The agreement will also:

• cut duties on 92% of food and drink products – including beef, cheese and marmalade – to zero
• allow zero tariffs on spirits, including gin, vodka and whiskies
• eliminate nearly all tariffs on manufactured products, such as cars.

The UK exported more than £7bn worth of goods and services to Canada in 2015.

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“CETA opens the door for UK companies to trade easily and cheaply with a valuable market in which there is considerable demand for British products, skills and expertise,” said Liam Fox, international trade secretary. 

“It is also an important blueprint for what our future trading relationship with Canada could look like. 

“As an international economic department, we will help UK companies to make the most of this boost to bilateral trade and lay solid foundations for our trading ties with Canada.”

The UK is Canada’s second-largest provider of service imports and CETA will mean more British companies can bid for contracts in areas such as finance, cyber and engineering. 

“CETA sets new and progressive standards for all trading nations,” said Francois-Philippe Champagne, Canadian minister of international trade. 

“As longstanding trading partners, Canada and the UK remain steadfast in their joint commitment to the benefits of global free trade. 

“I am confident that with CETA we have set the stage for exciting opportunities for British and Canadian companies alike.”