March 24, 2021
Following the Royal Assent of Bill C-18: An Act to implement the Agreement on Trade Continuity between Canada and the United Kingdom of Great Britain and Northern Ireland, Canada has ratified the Canada-United Kingdom (U.K.) Trade Continuity Agreement (TCA).
After the exit of the UK from the European Union on January 1st, the Canada-U.K. trade relationship has been governed by a memorandum of understanding which provides reciprocal tariff preferences on goods shipped between both countries until the Canada-UK Trade Continuity Agreement is ratified and implemented.
The TCA agreement will now provide much needed predictability and stability. Canada and the U.K. are taking all necessary steps required to implement this agreement for April 1, 2021.
As the Canada-U.K. TCA is meant to be an interim measure, Canada and the U.K. will soon be engaging in negotiations on a new, high-standard and ambitious free trade agreement that will best reflect the bilateral relationship and trade priorities.