UK signs New Trade Agreements
Updated: Dec 15, 2020
Last week, the UK Government announced a series of new trade deals which continue to secure UK trade with important, and growing, markets across the world.
Trade Agreement with Kenya
The UK Government announced on the 8th December, that the UK had signed an Economic Partnership Agreement with Kenya. The deal was signed in London by International Trade Minister Ranil Jayawardena and Kenya’s Cabinet Secretary for Trade, Minister Betty Maina.
This trade agreement will ensure that all companies operating in Kenya, including British businesses, can continue to benefit from duty-free access to the UK market. You can read the full announcement here.
Trade Agreement with Canada
On the 9th December, Liz Truss, International Trade Secretary, announced the UK had signed a Continuity Agreement with Canada, which is said to secure transatlantic trade worth £20 billion last year. It will be expected that in 2021, a new, tailor-made UK-Canada trade deal will be negotiated, and in overall, it is estimated that a £42 million tariff burden has been saved. For more information on this new agreement, please click here.
Trade Agreement with Singapore & Vietnam
On the 10th December, as EU-UK talks seem to head for further discussions, International Trade Secretary Liz Truss announced two new continuity trade deals with these South East Asian nations, making another step towards the UK joining the Trans-Pacific Partnership CPTPP, which accounted for 13% of global GDP in 2019, rising to 16% if the UK were to join.
To read the full Press Released click here
Source: UK Government - Department for International Trade