To ask the Secretary of State for Business, Innovation and Skills, what estimate he has made of the likely value of increased trade between the UK and Canada as a result of the EU Transatlantic Trade and Investment Partnership; and what steps he plans to take to encourage trade in (a) Alberta, (b) British Columbia and (c) the rest of Canada.
Analysis suggests that, as a result of CETA, UK exports to Canada will increase by 29% and Canadian exports to the UK will increase by 15%. In the long run, the benefit to the UK economy will be of the order of £1.3 billion per annum.
UK Trade and Investment will promote to British businesses all the new opportunities arising from CETA through a range of marketing activities across the UK and through the network of UK Posts in Canada. An accompanying guide will translate the agreement into an easily accessible document to help businesses identify potential benefits, including the tariff liberalisation on manufactured goods and food and drink products; greater access to government procurement contracts in all provinces at all levels of the Canadian government, including British Columbia and Alberta; and longer patent protection provided for pharmaceutical companies to protect R&D investment.