18 May 2021
Canada and Mexico are set to commence talks with the UK over upgraded trade deals, which will help create opportunities for UK businesses. Industries such as the digital, data and services will benefit from such an agreement.
"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.
The UK is hoping to get a better deal than those signed in 2020, which secured tariff-free exports on 98% and 88% of goods to Canada and Mexico respectively. This would also help reach new highs for digital trade, climate and women’s economic empowerment.
Over £2 billion worth of goods and services were exported to Mexico whilst over £11 billion to Canada last year. In 2019, overall trade with Canada and Mexico was worth £22.8bn and £5.1bn respectively.
Truss continued, "This next generation of deals will be trail-blazing, securing more access for British goods and services, which will support jobs and prosperity across the UK in industries that will shape the future of the global economy. They will also serve as a key building block to CPTPP, as the UK pivots towards the Asia-Pacific.”
"We want these deals to be pioneering in digital and services trade, and bolder in our commitments to the environment."