Trade Bill gives the Government power to strike up independent trade deals in preparation for a ‘no deal’ Brexit
For the first time in 40 years, the UK will be able to 'access new and exciting markets across the world' as well as 'determine its own trade and investment agenda'
BRITAIN will take the crucial first legislative steps preparing for a No Deal Brexit - by publishing a new Trade Bill.
The new law will give the Government the power to strike independent trade deals for the first time in more than 40 years.
And it will set out the legal basis for translating more than 40 existing free trade deals we currently have as EU members into UK law.
Ministers will also unveil plans for a separate Customs Bill - giving the Government the power to impose and collect tariffs on goods entering the UK.
It will also allow ministers to set preferential or additinal duties in certain circumstances - for example, to support developing countries.
The two bills are the first legislative step towards preparing the country for leaving the EU without a new trading deal in place.
The Trade Bill will also set up a new independent UK body - the Trade Remedies Authority, to defend UK businesses against unfair trade practices such as dumping.
A senior source in the Department for International Trade said the rest of the world was “gearing up” to trade with Britain.
International Trade Secretary Liam Fox said last night: “For the first time in over 40 years the UK will be able to shape our own trade and investment agenda – and we are determined that businesses and consumers can take advantage of this opportunity from the day we leave the EU.
“We are getting on with delivering a successful Brexit that strengthens our existing trade relationships while opening up access to new and exciting markets across the world.”