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Commercial and Economic Relations

Canada and the United Kingdom have long enjoyed a strong commercial relationship.

The UK has been a consistent supporter of the Canada-EU Comprehensive Economic and Trade Agreement (CETA) that entered provisional application on Sept 21, 2017.

With application of this gold-standard comprehensive trade agreement, the economic ties between Canada and UK are set to grow, as under CETA, tariffs will be eliminated on 98% of all goods traded between the our two countries upon provisional application.

The UK is by far Canada’s most important commercial partner in Europe and our fifth largest globally, with two way merchandise trade in 2016, reaching  more than $25 billion CAD (£15.4 billion), the vast majority of which moved through UK ports.

With CETA, the UK government has highlighted a predicted £1.3 billion (C$ 2.15 billion) annual boost to its economy as a result of the agreement.  UK’s industries and consumers will continue to enjoy the advantages of CETA while it negotiates its departure from the European Union.

The UK is also an important source of direct foreign investment for Canada, ranking second after the United States and there are more than 700 UK firms that have a presence in Canada that continue to contribute to our growing economy. Conversely, the UK is Canada’s second most important destination for investment abroad. Indeed, there are more than 1100 UK firms owned or controlled by Canadian interests. Therein lay the building blocks of our future economic relationship that will continue to flourish.

Canada and the UK also have strong partnerships in science, technology and innovation (STI) and there are many links between Canadian and UK researchers, universities, funding agencies, commercialization groups and companies. The research priorities of both countries have much in common and tend to concentrate resources in large, collaborative, interdisciplinary programmes that meet global societal and economic challenges such as ageing, climate change, science/green technologies, energy and food and water security. Other priority areas for collaboration include medical research, aerospace and defence, ocean technologies, nanotechnology and polar science.

Trade Commissioner Service - United Kingdom

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Date Modified:
2017-10-12