I
t turned out to be quite a spring for the UK’s trade deal aspirations. At the forefront, of course, was the free trade agreement (FTA) with India, but one other not-quite-so-free deal was agreed with
the United States, and progress made for a post-Brexit “reset” with the European Union. Meanwhile, out of the spotlight, talks continued over
a pact with Gulf states and over an advanced FTA with Switzerland. Additionally, last December the UK became the
first European nation to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – a move that even the government conceded would have little immediate effect on the nation’s trade prospects. Now, though, that might be about to change. Spurred on by Donald Trump’s global tariffs policy,
leaders of the EU and the CPTPP – whose membership comprises Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the UK and Vietnam – have held tentative discussions over a possible trading partnership. And in late May, Sweden formally proposed at a meeting of foreign ministers in Brussels that the EU join the CPTPP with the aim of forming the world’s biggest free trade bloc. It remains to be seen if such a development is
feasible. Here is what we do know about other UK trade deals, already achieved or in the offing (the India FTA is covered separately in this edition of the magazine on page 46).
EU DEAL SIGNALS A PRAGMATIC POST-BREXIT RESET British business groups, manufacturers and even supermarket chains unanimously praised the UK-EU deal, the first to be agreed since Brexit became a reality five years ago. Although a host of details, timeframes and costs
remains to be resolved, the agreement promises a reduction of Brussels red tape on UK exports, particularly on food and drink; and opens up the prospect of British passport holders the chance to use e-gates when travelling to mainland Europe. Additionally, a new UK-EU defence and security
pact has been pencilled in, which could offer British arms firms access to Europe’s Security Action for Europe (Safe) – a £150 billion fund providing loans for defence projects. There will also be a link-up between carbon markets to avoid tariffs on carbon-intensive goods, such as steel and cement. The big UK concession has been to extend by
12 years the Brexit deal allowing EU and Norwegian fishermen access to UK waters, which was due to expire next year. The move has not gone down well with the British fishing industry, although there will be annual reviews of catch quotas.
Rain Newton-Smith, CEO of the Confederation of British Industry, welcomed the deal overall. “After the turbulence of the last decade, today’s
Summit marks a leap forward in the EU-UK relationship. The government has been relentless in its commitment to free and fair trade on the international stage, providing businesses with a shot of confidence through recent deals with the US and India,” she said. However, Ms Newton-Smith added: “The work must
not stop here: making the most of this opportunity means not just resetting the relationship but futureproofing it. With the EU as our largest trading partner, continued cooperation will unlock the investment needed to drive growth, protect jobs, and raise living standards. “The bleak global trading environment – from
escalating geopolitical tensions to sluggish growth has underscored the importance of deepening ties with trusted, like-minded partners. Looking ahead, continued progress on business travel and youth mobility can help give more momentum to the government’s sustainable growth mission.” Shevaun Haviland, director-general of the British
Chambers of Commerce (BCC), said the deal “marks a turning point in UK-EU relations which puts our trade relationship at the forefront of our partnership going forward”. “For four years, businesses have fought hard to
sustain sales to the EU in the face of a rising tide of costs and paperwork which has severely dented their competitiveness. “But we must not stop here, this agreement must
be the foundation on which we aspire to build a much stronger business relationship going forward. That can only be of benefit to all our economies.”
“ After the turbulence of the last decade, today’s Summit marks a leap forward in the EU-UK relationship. The government has been relentless in its commitment to free and fair trade on the international stage, providing businesses with a shot of confidence through recent deals with the US and India.”
RAIN NEWTON-SMITH, CEO, THE CONFEDERATION OF BRITISH INDUSTRY
51
GLOBAL MOBILITY
GLOBAL TRADE
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116
