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:
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.
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)
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