November 16, 2016 / 1:17 PM / 2 years ago

Canada says EU trade deal to be basis for post-Brexit pact with UK

Canada's Finance Minister Bill Morneau waits to testify before the House of Commons finance committee in Ottawa, Ontario, Canada November 2, 2016. REUTERS/Chris Wattie

LONDON (Reuters) - A post-Brexit trade deal between Canada and Britain will use the long-delayed European Union CETA pact signed last month as its basis, Canada’s finance minister Bill Morneau said on Wednesday.

Morneau said the deal would have to wait until Britain had concluded what are likely to be fraught negotiations with the bloc of 27 other EU countries that it will be leaving.

“We know that we have to be attentive to what is going on in the UK with Europe and watch how they conclude their relationship,” he told reporters.

“We know that discussion will precede any discussion with Canada... we believe that our discussion with the UK will be a positive one... and will be founded on the basis of CETA.”

Britain is Canada’s fourth largest trade partner. While parts of the CETA deal may be able to be mirrored in a post-Brexit agreement, the two countries are likely to renegotiate key areas where they see a benefit.

Reporting by Marc Jones

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