Canada refuses to extend European trade deal to UK post Brexit


Canada will not extend European trade deal to the UK


BREAKING NEWS
Al-Sahawat Times

This story is currently developing. Further updates will follow

To be notified of developments as they break


Al-Sahawat Times | Ethical Global News from Oman and UAE | Donate HERE


The UK is currently fighting diplomatic crisis on multiple fronts (Read Here) and Canada just added to the pile.

UK trade secretary Liam Fox said the UK would’ve liked to replicate the Canada-EU trade deal and expected Canada to simply roll over the deal to the UK. A sign of arrogance and a misplaced sense of self importance according to many Canadian economists.

Earlier this week the UK officially announced it was in a recession with a shrinking economy ever since the 2016 Brexit vote. Having never recovered from the 2008 global financial crisis, triggered by UK and US banking irregularities.

Canada is now refusing to extend its trade deal with the European Union to broke Britain.

The decision — in which Canada would not “roll over” the Comprehensive Economic and Trade Agreement if the UK abandons its withdrawal agreement with Brussels — is a huge blow to Britain’s hopes of maintaining continuity in a no-deal Brexit, and it could severely impact businesses that sell goods to the Canadian market.

Boris Johnson has insisted if he is to become the next Prime Minister of the UK he would keep options open to a no deal Brexit.

It goes against assurances from the UK’s Conservative ministers who have insisted that replicating the UK’s existing trade arrangements would be straightforward.

The UK expected and indeed promised its people that Canada would simply “roll over”.

Liam Fox, the international trade secretary, promised in 2017 that up to 40 EU trade deals would be replicated by March 2019. Not a single one was. CETA is one of the biggest it had hoped to have in place. Today that was categorically removed.

With Theresa May leaving office and her withdrawal agreement seemingly dead, both of the contenders to replace her as prime minister, Boris Johnson and Jeremy Hunt, have insisted they will seek new withdrawal terms from Brussels and said they are prepared to leave without a deal in October if they can’t get them.

However, there is huge uncertainty about what either candidate’s plans would mean in practice for the UK’s exporters and importers.

For months, Britain has been pushing the Canadians to guarantee continuity by rolling over CETA even in a no-deal scenario. However, Canada has decided to wait and see what would happen before revisiting their trading relationship, a well-placed source at the Department for International Trade told press.


Since you’re here …

… we have a small favour to ask. More people are reading Al-Sahawat Times than ever but advertising revenues across the global media industry are falling fast. And unlike many news organisations, we haven’t put up a total paywall. We want to keep our journalism as open as we can. So you can see why we need to ask for your help. Al-Sahawat Times’ independent, investigative journalism takes a lot of time, money and hard work to produce. But we do it because we believe truly ethical media and an unbias perspective really matters.

“I appreciate there not being a paywall: it is more democratic for the media to be available for all and not a commodity to be purchased by a few. I’m happy to make a contribution so others with less means still have access to information.”

If everyone who reads our reporting, who likes it, helps fund it, the future of ethical media and the futures of our staff and their families would be much more secure. For as little as £1, you can support Al-Sahawat Times and it only takes a minute. Thank you.


This story is available on:

APPLE NEWS | AL-SAHAWAT TIMES


Talk to a journalist

Email: NewsDesk@alsahawat.com

Web: alsahawat.com

Follow Al-Sahawat Times

⬆️ Follow on Instagram

⬆️ Follow on Twitter

⬆️ Follow on LinkedIn

⬆️ Follow on Facebook

⬆️ Follow on YouTube

Read it on APPLE NEWS

Read it on FLIPBOARD

About the Author

Michael Al-Said
News correspondent for Al-Sahawat Times since 2012

Leave a Reply

avatar
1500
  Subscribe  
Notify of