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The existing Comprehensive and Economic Trade Agreement (CETA) deal will be ‘rolled over’ as a short-term transitional agreement (small changes are being made to language to accommodate CAD-UK only trade as the original CETA was made when the UK part of the EU).
- the deal must be approved by both governments (Canada’s Parliament must approve new legislation)
- there is no end date or sunset clause for the transitional agreement, but the intention is to renegotiate a permanent agreement to replace it during 2021.
At the margin a positive. Eyes are on the far more contentious UK-EU trade deal desicussions.
This article was originally published by Forexlive.com. Read the original article here.