As the UK looks forwards to going global, Mark Littlewood, director-general of the London-based think tank the Institute of Economic Affairs, was questioned on whether the UK, with other trade deals, could do better in regards to trade than focusing on gaining a trade deal with the EU.
Mark said: “The thing is you start with the USA, but if you’re able to bolt Mexico and Canada, you definitely end up with a bloc that’s bigger than the European Union.”
“The UK is your excess weight – if you bolt on the UK to any trading bloc, that trading bloc climbs and obviously we’re leaving the EU, and that trading bloc will fall.”
“But additionally, the EU isn’t the expanding part of the international market.”
Mr Littlewood stressed: “It’s still a big part of the worldwide economy and our trade with the EU things, but each year that passes, the proportion of our trade with the EU tends to shrink.”
“It will not fall to zero, but it is certainly on a downward trajectory.”
“As it gets easier to transport to email items, to WhatsApp across the globe, so it becomes incumbent on us to lift our hats somewhat to nations such as the USA.”
“We trade a lot with the USA of course with no trade deal in place, and we could contrast that with some of those scare stories about what would happen if we left the EU without a trade deal.”
“If we can strike a deal with the USA and NAFTA and that I think there is every possibility that over time we can join the in-depth and Progressive Agreement for Trans-Pacific Partnership (TPP11).”
“There is a world of possibilities out there.”
“In due course of time, we have to look at the Commonwealth.”
“In the time we joined the EU, the argument was that the Commonwealth was a shrinking post-imperial portion of the world economy and western Europe was the long run.”
“That’s been turned on its head.”
“This week, once again, as from the July around, the British negotiators haven’t shown any actual willingness to proceed on issues of fundamental significance for the European Union.”
“And this regardless of the flexibility that we have shown over recent months.”
Quotes are taken from this Express news article.
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