Britain set to sign three major trade deals after leaving the EU, report reveals
South Korea, United States and Brazil could strike free trade agreements with the UK before 2020
BRITAIN is in line to sign THREE major trade deals within 12 months of leaving the European Union, a new report says.
South Korea, United States and Brazil could strike free trade agreements with the UK before 2020.
International Trade Secretary Liam Fox has been urged to put the three countries at the front of the queue for talks.
The welcome boost for post-Brexit negotiations have been issued by former Treasury official in a new report.
Ex-government adviser Matthew Oakley has published a Trade Prospects Index revealing the government should prioritise pursuing talks with specific countries.
Ministers should focus on the potential economic value such a deal would bring to the UK economy as well as the speed of bringing forward an agreement, it says.
The Index, backed by Heathrow Airport chiefs, puts South Korea as most likely to sign a free trade deal followed by America, Brazil, China and then Australia.
A UK-Korea working group has already been established and meets every three months. Nearly £5 billion of goods were exported to South Korea last year with Burberry, Bentley and Jaguar Land Rover major players.
Korea’s last free trade deal was agreed in 30 months.
The rankings are based on enthusiasm on a new deal, financial services and speed of a wrapping up talks.
The report, published by WPI Economics, does warn the civil service could be “stretched to breaking point” unless the Department of International Trade prioritises countries.
It also warns that Liam Fox will have to move quickly if wants to achieve deals before the next general election, set for 2020.
RELATED STORIES
Ministers are only allowed to talk about deals with new partners in principle.
But this week the EU’s Brexit negotiator-in-chief Michel Barnier said Britain remains “part of the EU’s trade policy” but later said– “What could prevent countries from talking?”
Matthew Oakley, WPI Economics, said: “It is not inconceivable that the UK could strike between 3 and 5 trade deals before the next election.
To achieve this in a relatively short time period the Prime Minister would firstly have to identify countries which offer the best deal for the UK. Secondly, talks with those countries would have to begin this year.”
John Holland-Kaye, Chief Executive at Heathrow Airport, said: “Over the coming months and years, the UK must grasp the opportunities that leaving the European Union presents.
“Striking trade deals with both our friends in Europe and with countries across the world will form the cornerstone of a revitalised global Britain.”