Canada
Canada and the UK have always enjoyed a strong commercial relationship with the UK being Canada’s most important commercial partner in Europe and their fifth largest globally, highlighted by the two-way merchandise trade between the two nations reaching $25.51 billion in 2018.
The UK is an important source of foreign direct investment (FDI) for Canada with more than 700 UK firms having a presence in Canada. The nation is also a significant source of FDI to the UK, as Department for International Trade (DIT) 2018/19 FDI figures show, the UK received 68 new projects, 1,229 new jobs and 146 safeguarded jobs from the Canadian market.
For more information on DIT’s FDI 2018/19 figures, click here.
The UK has agreed with Canada to continue the current trade deal to pave way for negotiations to commence in 2021 for a more tailored UK-Canada trade deal.
Canada and the Thames Valley Market
The Thames Valley hosts a number of successful Canadian companies and continues to attract FDI from the country. The region’s 2018/19 inward investment results show that it received 6 new projects (doubled from 2017/18) and 51 new jobs.
For more information on Thames Valley FDI 2018/19 figures and its inward investment, click here.
Why did Canadian company Itergy select the Thames Valley as their destination of choice?
Hear from CEO Ralph Loewen on the locational advantages the Thames Valley has for a technology-focused, foreign-owned company.
What do Ontario and the Thames Valley have in common?
Find out about the synergies between Canada and the Thames Valley in this interview with Aaron Rosland, Counsellor at the High Commission of Canada in the UK.
UK trade with Canada up 14% since new free trade agreement introduced
In the 12 months since the provisional implementation of the EU–Canada Comprehensive Economic and Trade Agreement (CETA) in September 2017, UK exports of good to Canada have increased to £6.15 billion – a rise of 13.7%.
This is a significant increase in comparison to the 5 years prior to the introduction of the agreement, which saw trade increase by an average of 3.9% per annum.
One of the most extensive free trade agreements of the European Union, CETA removes 98% of export duties that are currently in place. Formally ratified by the UK in November 2018, CETA presents an opportunity to improve UK GDP, creating jobs for British and Canadian workers. The agreement will fully enter into force once all EU member states have ratified it.
Both the UK and Canadian Prime Ministers have committed to transition CETA into a bilateral agreement that will allow UK and Canadian companies to benefit from free and frictionless trade after the UK leaves the European Union.