Britain is not tied to the European Union (EU), which means it can negotiate free trade deals that better suit the nation and its demands. A deal with Australia has already been reached and the UK is on track to conclude more historic deals. Express.co.uk speaks with an economic expert on the 10 countries that Britain is likely to make deals with and why they are high priorities for the country.
The Australian deal negotiated between Britain and Australia was the first trade deal to be negotiated since the UK left the EU.
The deal was announced on June 15 and under the deal Australia will be able to send a certain amount of agricultural products per year to the UK without any payment of customs duties (import taxes).
Over time, these limits (or quotas) will increase.
After 15 years, there will be no more quotas or tariffs on agricultural products, with the exception of long grain rice.
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British Economist Intelligence Unit analyst Matthew Oxenford said the UK has made progress in many of its negotiations, especially with countries in South Asia and Oceania.
But ahead of one of those deals, the analyst said the deal with New Zealand is the next most important step for UK trade negotiators.
Mr Oxenford told Express.co.uk: âThe next deal that should be announced is New Zealand.
“However, the agreement in principle announced with Australia still requires the finalization of many technical aspects, and any announcement made within a year with New Zealand or any other country is also likely to be a declaration. of intent rather than an agreement ready to be immediately concluded. implemented. “
Following the deal with New Zealand, Mr Oxenford said the UK’s potential accession to the Comprehensive and Progressive Trade Agreement for the Trans-Pacific Agreement (CPTPP) would likely impact the UK -United.
He told Express.co.uk: “This is for many reasons – the CPTPP is probably the largest trading bloc the UK has a reasonable chance of making a deal with (among the big markets – a deal British-American trade was unlikely even before the Biden administration, and appears to be a non-starter now, tensions with China preclude any major trade deal there, and the government is unlikely to pursue a re- significant liberalization of trade with the EU).
âThe CPTPP encompasses Canada, Japan, Australia and several countries in Southeast Asia and Latin America, making it more globally significant than any bilateral agreement.
âIt is also notable in that it includes relatively in-depth and modern chapters on services and digital trade, UK strengths and areas of potential trade growth going forward.
âSubscribing to internationally recognized rules around these chapters would also increase the UK’s trade competitiveness globally. “
The 11 CPTPP countries with which Britain is to conclude trade agreements are:
- Australia (already has its own agreement)
- Brunei Darussalam
- New Zealand (also separates from negotiation on its own)
Britain is also due to negotiate an external free trade deal with New Zealand – more details on that deal are expected next week.