Ceta Agreement Brexit

The Comprehensive Economic and Trade Agreement, or CETA, is a free trade agreement between the European Union and Canada. However, with Brexit looming, the question arises: what will the impact of this agreement be on the UK?

Firstly, it`s important to note that while the UK is currently a member of the EU, it has not ratified CETA. Therefore, there will be no direct impact on the UK should the agreement come into force.

However, there are still potential implications for the UK. One key aspect is that CETA could serve as a template for future UK-Canada trade negotiations. With the UK seeking to establish new trade relationships post-Brexit, examining the CETA framework could be valuable.

Furthermore, the presence of CETA could create competition for UK businesses seeking to trade with Canada. Under CETA, Canada has pledged to reduce tariffs on imports from the EU, which could give EU businesses an advantage over UK counterparts. This could make it more difficult for UK businesses to establish a foothold in the Canadian market.

That being said, the UK has already begun pursuing its own trade agreement with Canada. In February 2017, the two countries agreed to begin talks on a bilateral trade deal. This agreement would aim to replicate many of the benefits of CETA for the UK, including reduced tariffs and increased access to the Canadian market.

Overall, while CETA may not have an immediate impact on the UK, its presence underscores the importance of establishing strong trade relationships post-Brexit. As negotiations continue, UK businesses and policymakers would do well to keep an eye on the developments surrounding CETA and other free trade agreements.