New trade agreements after Brexit: What to expect
The United Kingdom`s exit from the European Union has sparked a new era of negotiations and trade agreements. The departure of the UK from the EU, or Brexit, means that Britain is free to set its own trade policies. Since Brexit, the UK has been working on new trade deals with several countries around the world. These agreements will shape the UK`s trade future and will have a significant impact on the country`s economy.
Here are a few of the trade agreements the UK has been working on post-Brexit:
The UK-Japan Free Trade Agreement:
The UK has already signed a Free Trade Agreement (FTA) with Japan. This agreement came into force in January 2021 and is the first trade deal the UK has signed as an independent nation. The FTA eliminates tariffs on 99% of exports to Japan and will increase trade between the UK and Japan by an estimated £15.2bn. This agreement is designed to boost the UK`s involvement in the Asia-Pacific region.
The UK-Australia Free Trade Agreement:
The UK has been in talks with Australia about a potential trade deal for over a year. Negotiations have been progressing well, and the two countries are expected to sign an FTA in the coming months. The agreement is expected to eliminate tariffs on agricultural imports and increase trade between the two nations.
The UK-Canada Free Trade Agreement:
The UK has also been negotiating a trade deal with Canada. The two countries have a strong trading relationship, with bilateral trade between the UK and Canada totaling £20bn in 2020. The agreement is expected to increase trade between the two countries and eliminate tariffs on goods.
The UK-USA Free Trade Agreement:
The UK and the USA have been discussing a potential trade deal for some time. Negotiations have been ongoing, and the two countries are expected to sign an FTA at some point in the future. A UK-USA trade deal would likely increase trade between the two nations and eliminate tariffs on goods.
The UK-New Zealand Free Trade Agreement:
The UK has also been in talks with New Zealand about a potential trade deal. Negotiations are continuing, and the two countries are expected to sign an FTA in the coming months. The agreement is expected to increase trade between the UK and New Zealand and eliminate tariffs on goods.
Overall, the UK is seeking to develop a more robust and diverse network of trade agreements after Brexit. These agreements will be crucial for the UK`s economy and will shape the country`s trading future. It is still early days for many of these agreements, but the potential benefits for the UK are significant. As the UK continues to negotiate new trade deals, it will be interesting to see how they impact the country`s economy and trading relationships with other nations.
