As the United Kingdom navigates its post-Brexit future, the country has been actively negotiating new free trade agreements with countries around the world. These agreements are critical to ensuring that the UK`s exports can be competitive on the global stage and that the country can continue to attract foreign investment. In this article, we will explore the UK`s current free trade agreements and the countries it is seeking to partner with in the future.
Current UK Free Trade Agreements
The UK currently has several free trade agreements in place with countries around the world. These agreements include:
1. The UK-Japan Comprehensive Economic Partnership Agreement (CEPA): This agreement was signed in October 2020 and came into force on January 1, 2021. It is the UK`s first major trade deal as an independent trading nation and seeks to strengthen economic ties between the two countries.
2. The UK-Switzerland Trade Agreement: This agreement came into effect on January 1, 2021, and seeks to maintain the same level of access to the Swiss market that the UK enjoyed as a member of the European Union.
3. The UK-Israel Trade and Partnership Agreement: This agreement was signed in December 2020 and seeks to deepen the economic ties between the two countries.
4. The UK-South Korea Free Trade Agreement: This agreement came into effect on January 1, 2021, and seeks to promote trade and investment between the two countries.
5. The UK-Singapore Free Trade Agreement: This agreement came into effect on January 1, 2021, and seeks to deepen the economic ties between the UK and Singapore.
6. The UK-Canada Trade Continuity Agreement: This agreement came into effect on January 1, 2021, and seeks to maintain the UK`s access to the Canadian market that it enjoyed as a member of the European Union.
7. The UK-Mexico Trade Continuity Agreement: This agreement came into effect on January 1, 2021, and seeks to maintain the UK`s access to the Mexican market that it enjoyed as a member of the European Union.
Future UK Free Trade Agreements
The UK is also negotiating free trade agreements with several countries around the world. These agreements are either in the process of being negotiated or are in the planning stages. These countries include:
1. The United States: The UK is seeking to negotiate a free trade agreement with the United States that would strengthen economic ties between the two countries.
2. Australia and New Zealand: The UK is exploring the possibility of negotiating free trade agreements with Australia and New Zealand to promote economic growth and trade.
3. India: The UK is seeking to deepen its economic relationship with India and is exploring the possibility of negotiating a free trade agreement.
4. Japan: The UK is seeking to strengthen its economic ties with Japan and is exploring the possibility of negotiating a comprehensive free trade agreement.
Conclusion
As the UK navigates its post-Brexit future, free trade agreements will play a critical role in ensuring the country`s economic prosperity. The UK has already established several free trade agreements with countries around the world and is seeking to negotiate new agreements with several more. These agreements will ensure that the UK`s exports remain competitive on the global stage and that the country can continue to attract foreign investment.