He said the recent CETA (Comprehensive Economic and Trade Agreement) had paved the way for Britain’s future relations with the European Union.
The deal agreed in October last year removes 99 per cent of trade tariffs between the EU and Canada and officials hope the deal will generate an increase in trade worth or £9.8billion – C$12billion – a year.
EU exporters are expected to save up to €500million a year in duties.
David Bannerman said the UK should look to the EU-Canada trade deal for inspiration
I think we should have a super Canada deal as I call it – bigger and better than Canada
Mr Bannerman, the MEP for East of England, said: “Canada is a free sovereign nation, it’s just got access to 99 per cent of the EU single market with no freedom of movement, no fee to pay and we’re not asking Canada to join the EU.
“That’s the way we’re going to be and I think we should have a super Canada deal as I call it – bigger and better than Canada.
“I think now we have a sort of clean break, we’re not in the single market, we’re not in the customs union, we have a kind of Canada style arrangement with the EU that works, it’s simple.”
In pictures: Theresa May meets with EU's Tusk Thu, April 6, 2017
The two leaders held talks on Brexit negotiations
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European Council President Donald Tusk gestures to members of the media as he leaves 10 Downing street after talks with British Prime Minister Theresa May in central London
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Justin Trudeau called CETA "progressive"
He said the likes of New Zealand and Australia were seeking to follow the footsteps of Canada, which secured the deal after seven years of negotiations and after all 28 EU member states endorsed the move.
After finalising the deal, Canadian Prime Minister Justin Trudeau called the arrangement “progressive”.
He said: “Canadians and Europeans share the understanding that in order for real and meaningful economic growth, we need to create more good, well-paying jobs for our citizens.
"Progressive trade agreements like the one signed today will do just that."
European Commission President Jean-Claude Juncker said the deal marked a ”new chapter" in relations between the EU and Canada.