UK Global Trade Agreements

Wednesday 19th December, 2018.  

Compliments of the season to you all!

David here, once more with some news that things may be beginning to move on the global stage.  We cannot seem to get asensible deal with the EU to which a majority can agree.  But it seems this hasn’t stopped us looking at the bigger, global picture and doing deals elsewhere.

Please follow this link https://www.gov.uk/guidance/trade-continuity-if-theres-a-no-deal-brexit?utm_source=81cb6438-73ae-46b8-ae0b-d49ee2b08076&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate for an update from the UK government on post Brexit UK global trade agreements.

This is in addition to the negotiation known to be ongoing with the Trans Pacific Partnership [which comprises a high number of Pacific rim countries] and theUSA.

Relevant excerpts:

Weare working to bring bilateral UK-third country free trade agreements into force from 29 March 2019, or as soon as possible there after.

Our intention is that the effects of new bilateral agreements will be identical to, or substantially the same as, the EU free trade agreements they replace. To complete this work, ministers and officials are engaging regularly with partner countries.

There are around 40 existing EU trade agreements that the UK government is seeking to provide continuity for and a number of other agreements are at an advanced stage.

Switzerland

On another point, the UK has announced its first trade deal has been finalised already – this is with Switzerland: https://www.gov.uk/government/news/uk-and-switzerland-agree-to-transition-trade-agreement-after-brexit

The agreement replicates the existing EU-Switzerland arrangements as far as possible and will come into effect as soon as the implementation period ends in January 2021, or on 29 March 2019 if the UK leaves the EU without a deal. It has now been initialled by both countries.

International Trade Secretary Dr Liam Fox said:

“This is one of the most significant existing trade agreements, with British companies exporting £19 billion worth of goods and services last year, and it will provide the certainty that businesses need to continue trading freely.

This is the first of around 40 trade agreements that we will provide continuity for and many other agreements are also close to being agreed. It is a vital part of our no deal planning and it means that businesses and consumers can continue to benefit from our close trading relationships with the world beyond the European Union.”

Once the agreement is signed, both the UK and Switzerland will seek parliamentary approval for the agreement.

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