The UK is racing to put trade agreements in place post Brexit
With the UK’s messy exit from the European Union (BREXIT), there is a massive void of trade agreements with global partners that still needs to be in place. That being said, priority goes to securing favourable trade agreements with Canada, The United States and Mexico, who had their own tumultuous negotiating with the end of the long-standing North American Free Trade Agreement (NAFTA).
“The UK is to begin negotiations for upgraded trade deals with Canada and Mexico this year focused on creating even greater opportunities for UK businesses in industries of the future such as digital, data and services.
Building on the deals signed in 2020, which secured tariff-free exports on 98% and 88% of goods to Canada and Mexico respectively, this next generation of trade deals will be better tailored to the UK economy and provide the opportunity to set new benchmarks in areas like digital trade, climate and women’s economic empowerment.” Said The Department of International Trade
Last year alone, over £2 billion worths of goods and services were exported to Mexico and over £11 billion to Canada. Overall trade with Canada and Mexico was worth £22.8bn and £5.1bn respectively in 2019. The timing of trade talks with the UK comes on the heels of Mary Ng, Minister of International Trade’s first meeting of the Free Trade Commission.
The UK is vaccinating its citizens at record speed with anticipation of opening back up the country and, doing so, will require the proper trade agreements in place to kickstart the recovery process.