Since Brexit Day on the 31st of January, the UK has been ready and raring to begin negotiations when it comes to trade, and the rules imposed by the EU. But with negotiations only in the early stages, there are still yet to be any major changes to trade and other elements of the process. In this article, we will be looking into what the next 11 months has in store for the UK when it comes to international trade deals post-Brexit.
What Has Changed Since Brexit Day?
Now that the 11-month transition period has begun, there are many wondering what is set to change. But at this time, there is very little that has been changed. With business and trade still operating as normal for the time being, this 11-month period is a time of change. One of the biggest changes however that we have seen is the voice of the UK within the EU. Now that we are no longer official members of the EU there is no democratic voice for the UK. This, therefore, means that the UK will lose all of the members of the European parliament as well as its role in setting EU law through the European Commission, this, therefore, means we have no say in the new rules that are implemented within the EU.
The Impact Of Brexit On International Trade
At this time, there has been no major change to the trade deals that the UK has but the negotiations for new deals are beginning as of February 1st, 2020. This comes as regulations from the EU on international trade no longer apply. This means that Boris Johnson and the conservative government can begin to negotiate deals with the US as well as major European trade dealers as a result. This transition period negotiated by Theresa May has allowed for the UK to build bridges with other countries before leaving the EU limiting Brexit impact on trading, making sure that they are ready for when they leave the EU in 2020.
What Trade Deals Does The UK Have So Far?
Though there are further negotiations being made during this 11-month period, the UK has already made a substantial number of deals. There is a total of 20 deals set to come into effect in the new year as the transition period comes to an end. These deals are as follows:
- Southern African Nations
- South Korea
- Central America
- Andean Countries
- Norway and Iceland
- Caribbean Countries
- Pacific Islands
- Palestinian Authority
- The Faroe Islands
- Eastern and Southern Africa
Though these trade deals may seem promising, this is just a fraction of the vast majority of trades that the UK will potentially lose from their withdrawal from the EU. With this in mind, the negotiation period of a number of these deals could see the UK in a stronger position following their EU withdrawal particularly with the US then they were before. Though these deals can take a while to come into fruition, these will be on the UK’s terms allowing for free trade between them and the rest of the world.
As the 11-month transition period continues, there are a number of trade deals that are set to be negotiated. This could better the trade agreement between the UK and the rest of the world. Though this will take time to implement, these trade deals can place Britain in a better position. However, with uncertainty still surrounding the deals that are on the table, could the UK leave these negotiations better off than ever before?