OTTAWA, Sept. 18 (Xinhua) -- Canada and Britain have agreed to establish a new post-Brexit bilateral trade deal, both countries' prime ministers announced here Monday.
At a joint news conference, visiting British Prime Minister Theresa May and Canada's Justin Trudeau told reporters that the Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union (EU), which will largely come into effect later this week, will serve as a template for a new trade deal between Britain and Canada after Britain leaves the EU in 2019 following last year's Brexit referendum.
"It makes sense to take the (EU) trade agreement, which the U.K. is (still) part of," May said during her one-day visit to the Canadian capital.
"We want to ensure that for businesses and individuals, that there is as smooth a changeover, when the United Kingdom leaves the European Union, as possible. We want to see as little disruption to economies and to people's lives."
Trudeau said that CETA eliminates over 90 percent of trade barriers between Canada and the EU, and provides "an excellent basis for ensuring a smooth (post-Brexit) transition" for a Canada-Britain trade deal "that could be improved upon for the specific needs and opportunities in the bilateral relationship between the U.K. and Canada."
Some clues were provided in several initiatives unveiled following May's meeting with Trudeau.
Canada and Britain will form a "clean innovation partnership" involving representatives from both countries' governments and private sectors to advance clean and renewable energy.
Both nations also signed a memorandum of understanding to jointly collaborate on science, technology, innovation and entrepreneurship issues with the goal of accelerating the commercialization of emerging technologies, growth of private enterprises and the creation of jobs in Canada and Britain, according to a release from Trudeau's office.
Canada and Britain will also create a working group within a high-level public-policy forum to be established and co-chaired by the respective cabinet secretaries from each government focused on ensuring a "seamless transition" on post-Brexit agreements regarding trade, air service and nuclear cooperation.
