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UK trade minister Fox says CETA delays show need to reach UK-EU deal before Brexit

LONDON, Oct (HKSE: 3366-OL.HK - news) 26 (Reuters) - The difficulties in concluding an EU-Canada trade deal show the importance of Britain reaching an agreement over its future relationship with the EU before it leaves the bloc, British trade minister Liam Fox said on Wednesday.

Fox told a committee of lawmakers the seven years it has taken to reach the CETA deal, and the delays in signing it after it was rejected by a Belgian regional authority, showed the difficulty of doing a deal with such a large number of partners.

Article 50 of the EU's Lisbon Treaty allows for an initial two year period of divorce talks before Britain leaves the bloc. Any agreement reached in that time would not be subject to the same level of vetos as a free trade agreement (FTA), he said.

"That sort of procedure would only be undertaken were we to leave the European Union after our Article 50 period without any agreement whatsoever and were looking to seek a new FTA from outside," he said.

"It's in the interests quite clearly following this (CETA) experience for all concerned to minimise any sort of economic trade and political disruption to ensure that's done with the minimum of fuss." (Reporting by Kylie MacLellan, William James and Helen Reid; editing by Stephen Addison)