The British Columbia Ministry of International Trade has signed a joint trade relationship statement with the United Kingdom Trade and Investment Organization, the provincial government announced March 26.
The statement is intended to establish a formal working arrangement to increase trade and investment between the province and the U.K.
"The U.K. and B.C. are well-established trade partners and this agreement, together
with CETA [the Comprehensive Economic and Trade Agreement, a proposed agreement between Canada and the European Union], is set to widen and deepen that partnership," said Lord Livingston of Parkhead, minister of state for U.K. trade and
investment.
'We are always looking for ways to enhance our cooperation and this is another valuable
step in that effort."
The joint statement, which will be in place for five years, outlines several points, including:
- developing links between the two jurisdictions;
- sharing strategies for maximizing trade and investment; and
- hosting trade missions in both regions.
The United Kingdom is B.C.'s biggest export partner in the European union. In 2013, the province exported $377 million to the U.K., which is one of B.C.'s largest markets for wood pellet exports.
