Ratifying CETA is a clear signal of the UK’s commitment to free trade

Yesterday, my Department laid the EU-Canada Comprehensive Economic and Trade Agreement (CETA) before the House of Commons to be debated by Parliament, before it is ratified in the UK and across the EU this year.

Ratification of CETA in the UK will require a debate and vote in both Houses of Parliament, and similar votes are taking place in parliamentary chambers across all EU Member States to bring CETA into full effect. As an international economic department, the Department for International Trade firmly believes that the UK’s ratification of this agreement will send a clear signal on the UK’s commitment to free trade.

This process will give MPs the chance to scrutinise the agreement closely, ensuring it works for all of the UK.

And as we leave the EU, this will pave the way for the UK to seamlessly transition CETA into a new bilateral UK-Canada agreement.

And in the coming months and years after March 2019, as we set up our independent trade policy outside the UK, we will want to consider opportunities to strengthen the UK-Canada trading relationship further.

It is through agreements like CETA, and the transitioned UK-Canada agreement that follows, that the UK will begin to take advantage of the vast economic opportunities that lie beyond the EU, and enjoy the benefits of free and fair trade at home and abroad.

That’s because free trade gives consumers choice and access to cheaper products, allows businesses to grow beyond their geographical borders and helps create jobs around the world.

This agreement will promote trade between the UK and one of our most natural trading partners and allies by eliminating most tariffs and reducing other, more short-term barriers that businesses face when trading goods and services or investing in each other’s economies.

Canada is a vibrant country and on my visit to Vancouver last month – the first by a UK Cabinet Minister in an official bilateral visit – I saw scale of opportunities available to British businesses.

The country is leading the way in innovation in sectors such as film and banking. Coupled with specialist British expertise, there are the makings for a highly mutually beneficial trading relationship. Trade between the UK and Canada is already worth £16.5 billion in 2017 as exports to the country continue to rise.  CETA presents a chance to increase overall UK GDP by around £730 million.

It is through agreements like CETA, and the UK-Canada agreement that follows, that the UK will begin to take advantage of the vast economic opportunities that lie beyond the EU, and enjoy the benefits of free and fair trade at home and abroad.