Since the United Kingdom (UK) voted to leave the European Union (EU) in 2016, it has been working to establish new trade relationships with countries around the world. The UK is a member of the World Trade Organization (WTO) and has been a key player in international trade for centuries, with a long history of negotiating and implementing trade agreements.
One of the UK’s most significant trade deals was the European Economic Community (EEC), which was established in 1957 and later evolved into the EU. As a member of the EU, the UK was part of a single market and customs union, allowing for the free movement of goods, services, capital, and people between member states. However, with the UK’s withdrawal from the EU in 2020, it is no longer party to this agreement.
Since leaving the EU, the UK has signed a number of bilateral and regional trade deals with countries around the world. In November 2020, it signed a free trade agreement (FTA) with Japan, which came into force on January 1, 2021. This deal eliminated tariffs on 99% of UK exports to Japan and provided greater access for UK businesses to the Japanese market.
In November 2020, the UK also signed an FTA with Canada, which came into force on January 1, 2021. This deal eliminated tariffs on 99% of UK exports to Canada and provided greater access for UK businesses to the Canadian market.
In November 2020, the UK signed a trade agreement with the Southern African Customs Union (SACU), which came into force on January 1, 2021. This deal eliminated tariffs on 99% of UK exports to SACU member states and provided greater access for UK businesses to the SACU market.
In November 2020, the UK signed a trade agreement with the Pacific Alliance, which is a regional trade bloc consisting of Chile, Colombia, Mexico, and Peru. This deal eliminated tariffs on 99% of UK exports to the Pacific Alliance member states and provided greater access for UK businesses to the Pacific Alliance market.
In November 2020, the UK signed a trade agreement with MERCOSUR, which is a regional trade bloc consisting of Argentina, Brazil, Paraguay, and Uruguay. This deal eliminated tariffs on 99% of UK exports to MERCOSUR member states and provided greater access for UK businesses to the MERCOSUR market.
In addition to these bilateral and regional trade deals, the UK is also a member of the Commonwealth of Nations, a group of 54 countries that share historical and cultural ties. The Commonwealth does not have a formal trade agreement, but member countries have committed to working together to promote trade and economic development.
The UK is also a member of the WTO, which is an international organization that promotes trade and helps to resolve trade disputes between member countries. The WTO sets rules for international trade and provides a forum for member countries to negotiate trade agreements and resolve disputes.
Overall, the UK has signed a number of trade deals with countries around the world since leaving the EU in 2020. These deals have eliminated tariffs on a wide range of exports and provided greater access for UK businesses to international markets. The UK is also a member of the WTO and the Commonwealth of Nations, which provide additional opportunities for trade and economic cooperation.
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