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19May

UK prepares to launch trade negotiations with Canada and Mexico

The Government is preparing to launch trade agreement negotiations with Canada and Mexico in the latest phase of post-Brexit consolidation of global trade relationships. A call for input is being put out to UK businesses and the public ahead of the talks formally starting. Consultation with a wide variety of trading stakeholders, citizens and industry bodies will allow for the UK to put its best foot forward at the talks, which are scheduled to begin later this year.

In 2020, the UK agreed deals with both countries which secured tariff-free exports on 98% and 88% of goods to Canada and Mexico respectively. This new phase of trade agreement deliberations are aimed at producing more specific outcomes for particular UK policy areas such as climate, digital trade and women’s economic empowerment. In terms of trade with these nations, last year, UK-Mexico trade was worth over £2 billion and over £11 billion with Canada.

Specific sectors which stand to gain from a Mexico-UK trade agreement include digital, data and services. For a Canada-UK deal, car manufacturing and food & drink are highlighted. The call for input will last for eight weeks, giving businesses, interest groups and members of the public the opportunity to highlight their priorities for these potential future agreements.

“Now we have left the EU we are free to sign the next generation of British-shaped trade deals with free-trading nations, securing our economic ties with economies of the future”, said International Trade Secretary Liz Truss.

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