The beginning of the Transition Period on February 1st 2020 is a date to look forward to. Our country will be officially out of the European Union.
While the EU is continually looking inwards, the UK has to take a dynamic forward-looking strategy for our future.
A one is represented by the chance for British companies to trade freely with the United States. The US isn’t only the world economy, it is already the biggest single export market for UK businesses. The US is the biggest source of investment in the UK with over a quarter of foreign investment.
Clearly there already exists a powerful trans-Atlantic economic relationship regardless of the existence of several tariffs (as commanded by the EU). A removal of those barriers – via a free trade agreement with the US, something US officials have said could be possible within a year — would enable British companies to flourish in the American market even further, without the danger of enormous tariffs in the Trump White House.
Work on these trade deals has reportedly already started, with informal talks and ministers being sent on specifically tailored goodwill missions paving the way for rapid negotiations.
There are dozens more countries among them, Brazil, Japan, Canada, Australia, New Zealand and Singapore. A free tradeagreement with any of these countries would bring a myriad of benefits to British companies, with Brussels’ enforced tariff barriers lifted, providing businesses of all sizes the opportunity to develop global markets for both exporting and importing with no clumsy regulation getting in the way.
As of this month, the UK has signed 20 continuity trade agreements covering more than 50 nations. This means we have a baseline for tradedeals with each these countries. We are not starting from scratch.
A specific business in China is the market for cars. Subject to a 25% tariff on the cost, they represent the most common great in China, making up 35 percent of imports from Britain. A deal that reduces this tariff would serve to make China an export destination for the British industry, creating jobs here in the UK.
This will be mirrored by Michel Barnier, the EU’s chief Brexit negotiator, when he unveils the EUs draft negotiating mandate Monday. Regardless, in a matter of days, we will be free to take control and pursue our own independent trade policy, tailor-made to UK interests, rather than trying to appease 27 nations.
There are still battles to be fought in discussions, but the Prime Minister is due to set his red lines out in a series of position papers on trade.
But while a trade deal could be of great advantage, the UK shouldn’t leave its safety vulnerable to manipulation by a China in the future.
Crucially it will be, while controversial to the White House.
This doesn’t mean it all will depend and we would observe a end to tariffs. The Business Secretary, for instance, Andrea Leadsom has confirmed the UK plans to execute a’ taxation’ on US companies to ensure they pay their fair share. This would force companies such as Google to pay tax on profits earned within the united kingdom if they’re registered in different countries.
It’s taken years for the EU to get even close to an agreement with China. However, as with all EU tradenegotiations, it’s impossible because you’re trying to please 27 nations, to get a high-quality deal. As an independent trading nation, the UK will have the ability to negotiate an agreement with China which should better reflect our mutual interests at a faster rate.
Include financial services the aerospace and pharmaceutical businesses. The UK-US trading relationship goes beyond the trading of services and goods. A trade arrangement must build upon our strong connections, which must not be thrown away in favour of accepting a deal .
At the recent UK-Africa Investment Summit 2020, it’s been confirmed 27 deals were struck for further foreign investment totalling over #6.5 billion. These are. With Africa being one of the market places on the planet, they are chances we must not ignore.
90 percent of growth in global GDP will be from outside the EU, although the vast majority of UK trade is presently conducted with countries within the EU. So whilst it’s important to get a good deal with Brussels, the UK has to be ready to look beyond the European continent.
If the EU tries to limit our ability Boris Johnson shouldn’t be afraid to walk away from negotiations, and trigger’No Deal’, trading on World Trade Organisation terms. The soon to be formed’Taskforce Europe’ must not make the mistakes of the Department for Exiting. These are discussions for the United Kingdom’s future, and not damage limitation exercises.