UK-Canada FTA: What's in it for my business? PART 1
10 reasons why businesses in the UK or Canadian businesses cannot ignore the benefits of using this trade agreement to save and grow globally.
This three-part series includes:
Part 2: UK-Canada FTA: Summary of the Agreement + Download legal text (S,P)
Part 3: How to meet the Rules of Origin to cut customs duty to zero (S) + Download the product-specific rules of origin directly (P)
1. Economic Growth
More trade means more economic growth, which can help businesses overcome the economic crisis. The UK and Canada are some of the worlds' largest trading nations, and external trade and investment have played a dynamic role in boosting its economic growth for many decades. Trade policy can help this happen. Once current plans are completed, trade policy can add around billions to an economy.
2. Free Trade Agreements mean Jobs
Trade means more jobs, both in the UK and Canada. Millions of jobs depend, directly or indirectly, on the UK or Canada's ability to trade with the rest of the world. Trade also leads to higher salaries and improved living standards.
3. Easier to do business in Canada or the UK
This trade agreement can make it easier to do business. For example, encouraging the use of international standards for industrial products reduces the costs of doing business and promotes international trade.
4. Duty-Free Trade and focus on SME
Where businesses meet the Rules of Origin of the UK-Canada Free Trade Agreement, they can benefit from zero customs duty on importation, saving businesses millions annually. There are also special provisions for SMEs.
5. Protection of intellectual property
The UK Canada trade agreement includes provisions on intellectual property, including geographical indications (for the agricultural sector) The UK-Canada FTA makes it easier to exchange innovative or high-technology products. For example, international rules on intellectual property protect knowledge and allow the transfer of technology to other countries.
6 Competitiveness
Where the UK-Canada FTA leads to more trade and investment, it can boost competition as well as competitiveness. It allows EU businesses to access inputs at the lowest prices, allowing them to compete within Europe and abroad.
7. Consumers benefit from more Canadian and UK goods
The UK Canada trade agreement includes provisions on
trade in goods - including provisions on preferential tariffs, tariff-rate quotas, rules of origin and sanitary and phytosanitary measures
trade in services and investment
These rules mean that Canada and the UK can offer a greater variety of goods, at lower prices, to consumers. The gains for the average consumer can be in the hundreds of Canadian dollars or British pounds.
8. More cost-savings for local authorities and government, too
The UK Canada trade agreement includes provisions on government procurement. This allows the UK and Canada to procure the best products and services for its citizens internationally. This means government and local authorities can spend less public money on the products and services they purchase.
9. Innovation drive with the UK-Canada FTA
Trade and investment flow spreads new ideas and innovation, new technologies and the best research, leading to improvements in the products and services that people use.
10. Bringing Nations Together
Trade brings people together. It develops and secures economic ties between nations and contributes to political stability. Trade in the 1950s was one of the initial drivers which helped create the peaceful relationship with nations we have today.
Now read Part 2 covering details of the Agreement and the Rules of Origin to meet for zero tariffs (S,P)
GET EXPERT SUPPORT
FREE WEBINAR - Book by clicking below
BOOK TRAINING
Learn about this latest UK Free Trade Agreement in more detail
About Customs Manager Ltd.
Working with us means having a Customs Advisor, Global Trade Expert and Export Controls Consultant, on speed-dial. If you are looking for a customs consultant UK and EU, let us help you trade effectively, efficiently and, of course, compliantly, wherever you want to go in the world.
Need to stay up-to-date with changing customs and global trade rules? We monitor legislation so our clients don't have to. Learn about all changes in our fresh expert blog, join exclusive briefings and ask any questions 24/7 through to the VIP hotline. Or sign up to our no-charge, insightful newsletter.
Entrust us with your training needs and help us to upskill you and your teams in English, German, French and Spanish. We offer pubic and private live, in-house and on-demand (study from anywhere and anytime) courses.
To complete our support for globally trading businesses, we are also a UK Customs Broker. We act as a customs clearance agent on behalf of many EU and UK businesses, assisting with customs documentation and all other formalities to ensure the customs clearance of our goods. Whether you’re seeking a long-term partner to look after your customs clearance or require support for a one-off shipment, please don’t hesitate to get in touch to discuss your requirements.
Join us on social media
· YouTube
· LEAVE us a POSITIVE REVIEW ON GOOGLE
Important Notice
Customs Manager Ltd. owns the copyright in this information unless other sources are identified.
You are not allowed to use this information in any way that infringes the intellectual property rights in it. You may have to hold a valid licence to use this information. A licence can be obtained by becoming a Premium subscriber to the Customs Managers’ Trade Intelligence service. As a Premium subscriber, you may download and print this information which you may then use, copy or reproduce for your own internal non-profit-making purposes.
However, under no circumstances are you permitted to use, copy or reproduce this information to profit or gain.
In addition, you must not sell or distribute this information to third parties who are not members of your organization, whether for monetary payment or otherwise.
This information is intended to serve as general guidance only and does not constitute legal advice. We cannot guarantee the quality, content, or accuracy of the information provided on this page as laws and information change regularly. Moreover, the application and impact of laws can vary widely based on the specific facts involved. This information should not be used as a substitute for consultation with professional legal or other competent advisers. Before making any decision or taking any action, you should consult a Customs Manager Ltd. professional.
In no circumstances will Customs Manager Ltd, be liable for any decision made or action was taken in reliance on the information contained within this document or for any consequential, special or similar damages, even if advised of the possibility of such damages.