Video PUBLISHED: 16:26 28 March 2019 | UPDATED: 16:26 28 March 2019 Chief secretary to the Treasury Liz Truss. Photo: Dominic Lipinski/PA Wire Norfolk MP Liz Truss has said she wants a Canada-style trade deal with the EU after Brexit as she urged Tory and DUP MPs to back Theresa May’s withdrawal agreement. Addressing the British Chambers of Commerce conference, the Treasury chief secretary and South West Norfolk MP said there was a “dawning realisation that the deal the prime minister has set out is the deal that will allow us to move forward as a country”.“The alternatives that have been proposed by parliament, and we saw that in the house yesterday, do not command support, some of them aren’t negotiable.“What I want to do today is strongly encourage colleagues of mine from the Conservative Party and other parties to back the prime minister’s deal so we can get on with the next stage of negotiations which is the really important … [Read more...] about Liz Truss wants ‘Canada-style free trade deal’ with Europe after Brexit
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The UK will not be able to roll over an EU trade deal with Japan in time for the scheduled date of Brexit on March 29, International Trade Secretary Liam Fox has said. Japan was the most significant on a list of 27 EU trade agreements released by Dr Fox's Department of International Trade on which discussions about possible roll-over are still ongoing just 36 days from the date of withdrawal. The department also confirmed that the EU's customs union agreement with Turkey, which covers 1.39 per cent of UK trade, will not be transitioned on exit day. Dr Fox predicted in 2017 that the UK would be able to replicate up to 40 EU free trade deals, accounting for around 11 per cent of the UK's trade, for "a second after midnight" on Brexit day. But so far it has able to finalise "continuity agreements" with just seven of the 69 countries and regions with which the EU has trade deals, Switzerland, Chile, the Faroe Islands, Eastern and Southern Africa, Israel and the Palestinian Authority. The … [Read more...] about Fox: Japan trade deal will not be ready by Brexit deadline
The government’s push to roll over EU trade deals from which the UK currently benefits has yielded agreements covering only £16bn of the near-£117bn of British trade with the countries involved. Despite frenetic efforts by ministers to ensure the continuity of international trade after the UK leaves the EU on 29 March, the international trade secretary, Liam Fox, has so far only managed to secure deals with seven of the 69 countries that the UK currently trades with under preferential EU free trade agreements, which will end after Brexit. Fox’s department has yet to sign agreements with several major UK trading partners – including Canada, Japan, South Korea and Turkey – while sources have said that sufficient progress is unlikely to be made before the Brexit deadline in less than 50 days’ time. Canada, Japan, South Korea and Turkey alone accounted for goods exports worth £25bn in 2017 and imports of merchandise worth £28.6bn, with the … [Read more...] about Brexit: UK has rolled over just £16bn out of £117bn trade deals
As a full member of the European Union since 1973 the UK has effectively outsourced responsibility for making trade deal deals with other countries to the EU institutions. And those institutions have been busy. The EU now has more than 50 trade deals of various sorts with third countries either in place, partly in place, or pending. A full list can be found on the European Commission’s website here. Join Independent Minds For exclusive articles, events and an advertising-free read for just £5.99 €6.99 $9.99 a month Start your free trial Get the best of The Independent With an Independent Minds subscription for just £5.99 €6.99 $9.99 a month Start your free trial Get the best of The Independent Without the ads – for just £5.99 €6.99 $9.99 a month Start your free trial These range from deals with large economies such as Canada and Japan, to middling ones such as Mexico, South Korea and Turkey, to small states such as Moldova and … [Read more...] about How can the UK continue trading on current terms with those third countries covered by EU trade deals?
Imagine you are in charge of Britain’s trade relations after Brexit. Which country would be top of your list for a trade deal? According to Boris Johnson, when we leave the EU and its awful customs union, a whole world will open up to us. Britain can “rediscover the spirit of dynamism” of the Victorian age and “go back out into the world in a way that we had perhaps forgotten,” he wrote last summer. Take him at his word. Grab a big Asian country — perhaps India. Yet India has free trade deals with only nine countries, none of them developed western economies, and it refuses to open up government procurement to foreigners. India’s top demand, its prime minister Narendra Modi says, is lots of visas for Indians to work and study in Britain, a bit of a non-starter given our high sensitivity over immigration. What about China? There’s no great enthusiasm in Beijing and even if there were, it is hard to see China prioritising trade with little … [Read more...] about Carl Mortished: Europe’s skill signing trade deals exposes Britain’s f