UK FTA, where do we stand?
Mr Johnson will meet European leaders for a discussion to reiterate his call for the Irish border backstop plan to be scrapped from the proposed deal. In the meantime, the UK is still busy securing agreements and future Trade Deals to be implement once the UK exits the European Union. EU Trade agreements signed with the UK being an EU member state will no longer apply if there’s a no-deal Brexit.
The UK government is working on new agreements to replace EU trade agreements after Brexit.
So far, the UK has secured the following:
12 bilateral trade agreements have been signed and 1 agreed in principle which should take effect as soon as the UK leaves the EU, including:
- CARIFORUM trade bloc
- Central America
- Eastern and Southern Africa (ESA) trade bloc
- Faroe Islands
- Iceland and Norway
- Pacific states
- Palestinian Authority
- South Korea (agreed in principle and expected to be signed shortly)
- Switzerland (the only UK trade partner in top the 10 with secured deal for UK Exports valued at USD 25.4 billion.)
Mutual recognition agreements, recognizing one another’s conformity assessments with:
- New Zealand
- United-States (Number 1 Trade partner for UK exports in 2018).
- Japan: discussions are ongoing but will not be completed before Exit day. Liz Truss, the British trade secretary hopes to visit Japan by end of October for FTA and TPP talks.
Trade agreements are still in discussion with 26 countries/blocs representing 6.50% of the total UK trade, year to Q3 2018. Currently, there are 3 status of discussions, but most are listed as Engagement ongoing. (The other 2 being Engagement ongoing – agreement unlikely before exit day and will not be signed for exit day).The rules of origin and all EU FTA the UK was part of as a member of the European Union will be impacted after Brexit. Are you ready?
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