UK to pursue trade agreements with other countries

18 Jan '17

2 min read

Prime Minister Theresa May speaking on the UK government's negotiating objectives for exiting the EU. Courtesy: UK government

The United Kingdom will pursue free trade agreements with the EU and also with countries from outside the EU, Prime Minister Theresa May has said while setting out the Plan for Britain, including the 12 priorities that the UK government will use to negotiate Brexit. The agreement with the EU should allow for the freest possible trade in goods and services.

“As a priority, we will pursue a bold and ambitious free trade agreement with the European Union. This agreement should allow for the freest possible trade in goods and services between Britain and the EU’s member states. It should give British companies the maximum freedom to trade with and operate within European markets – and let European businesses do the same in Britain,” May said in her speech.

However, she was clear that her proposal of free trade agreement cannot mean membership of the single market. “We do not seek membership of the single market. Instead we seek the greatest possible access to it through a new, comprehensive, bold and ambitious free trade agreement.”

An important part of the new strategic partnership that UK seeks with the EU will be the pursuit of the greatest possible access to the single market, on a fully reciprocal basis, through a comprehensive free trade agreement, May said.

Speaking about forging new trade agreements with countries from outside the European Union, she said, “Since joining the EU, trade as a percentage of GDP has broadly stagnated in the UK. That is why it is time for Britain to get out into the world and rediscover its role as a great, global, trading nation.”

“We want to get out into the wider world, to trade and do business all around the globe. Countries including China, Brazil, and the Gulf States have already expressed their interest in striking trade deals with us. We have started discussions on future trade ties with countries like Australia, New Zealand and India,” she said. UK is also “front of the line” for a trade deal with the US.

May said she wants to remove as many barriers to trade as possible. “And I want Britain to be free to establish our own tariff schedules at the World Trade Organisation, meaning we can reach new trade agreements not just with the European Union but with old friends and new allies from outside Europe too.” (RKS)

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