On March 19, 2021, Canada’s Minister of International Trade announced that Canada will ratify its Trade Continuity Agreement (TCA) with the United Kingdom. The announcement came after the Canadian Minister held a call with the United Kingdom’s Secretary of State for International Trade, Elizabeth Truss. It is anticipated that Canada and the UK will implement the agreement by April 1, 2021.
On December 9, 2020, Minister Mary Ng introduced Bill C-18: An Act to implement the Agreement on Trade Continuity between Canada and the United Kingdom of Great Britain and Northern Ireland. On March 17, 2021, the Bill received Royal Assent and became law. As Canada and the UK negotiate a more expansive free trade agreement, the TCA is intended to be operate as an interim measure, maintaining preferential market access for Canadian businesses in the UK market and vice versa, including the elimination of tariffs on 98% of trade in goods (see Preparing For Brexit – Canada And the United Kingdom Clinch a Transitional Trade Continuity Deal).
Until the TCA is ratified and implemented, the trade relationship between Canada and the UK is governed by an MOU that provides reciprocal tariff preferences on goods shipped between both countries (see Maintaining the Status Quo – The Canada-United Kingdom Trade Continuity Remission Order, 2021).
On March 12, 2021, the Government of Canada launched public consultations in order to chalk out priorities from the Canadian perspective to shape the future trade negotiations with the UK. The public consultations will remain open until April 27, 2021 (see Canada Launches Public Consultation on Trade Negotiations with the United Kingdom).
Tereposky & DeRose regularly provides advice on the interpretation, application, and implementation of international trade agreements. Should you have any questions regarding the CUKTCA, CETA, CPTPP or any other trade matter, we are at your disposal.