Amid all the focus on the COVID-19 pandemic and its fallout, it’s been easy to forget that much of ordinary life goes on. And while most of the work has been done over Zoom rather than in the world’s capitals, the UK’s trade negotiators have made progress on securing new deals as the country leaves the EU.
The latest news comes from Canada, with the announcement that the respective governments have agreed on a Trade Continuity Agreement which essentially preserves much of the existing terms of trade between the two nations and ensures that the flow of business isn’t disrupted during the UK’s withdrawal from the EU. In short, the TCA will:
- Lock in zero import duties for almost all goods and services traded between the UK and Canada
- Preserve market access for Canadian businesses to export their goods and services to the UK
- Maintain opportunities for businesses in both countries to become first-time exporters
According to Jennifer Young, British Consul General Toronto, and Deputy Trade Commissioner North America, “This agreement is good news and provides certainty for businesses and consumers on both sides of the Atlantic.”
So what does that mean for Canadian businesses looking to set up and grow in the UK? Well, most importantly, it hangs a big ‘Business as usual’ sign on the door to the UK. In practice, that means Canadian businesses will enjoy the same rights and freedoms that they have up until now.
It also means that businesses from Canada can still develop long term plans for expansion into the UK safe in the knowledge that there won’t be any significant changes while the two countries iron out a Free Trade Agreement (FTA) in 2021.
In short, this is another signal that the UK remains open for business for firms looking to expand into these shores. The legal, social, and financial infrastructure that has made the UK one of the most dynamic of the world’s economies remain intact, with the support for smaller businesses in particular among the best around.
With that said, there are some roadblocks to navigate, which is why it pays to have the right advisers on board to help you set up in the UK. Paul Beare Ltd has been helping businesses like yours for almost a decade. Whether it’s tax and payroll or accounting and banking, we know where the likely bumps in the road are, and we can go with you on each step of the journey.