As the United Kingdom moves forward with its decision to leave the European Union, one of the most pressing issues is the establishment of new free trade agreements. These agreements are essential for the UK to maintain its global economic position and ensure that it can continue to trade with countries around the world.
Currently, the UK is in the process of negotiating a number of free trade agreements with countries around the world. These agreements will help to ensure that the UK maintains access to key markets and can continue to compete in an increasingly globalized economy.
One of the most important negotiations currently underway is with the United States. Negotiations between the two countries have been ongoing since 2018, and there is hope that a comprehensive agreement will be reached in the near future. The US is the UK`s largest trading partner outside of the EU, so securing a free trade agreement with them would be a significant step forward for the UK.
Another important negotiation is with Canada. The UK and Canada have historically had strong economic ties, and a free trade agreement between the two countries would help to strengthen those ties even further. Negotiations between the two countries began in early 2020, and there is hope that a deal will be reached by the end of the year.
The UK is also in discussions with a number of other countries, including Japan, Australia, and New Zealand. These negotiations are all at different stages, but the hope is that the UK will be able to secure free trade agreements with all three countries in the coming years.
One potential stumbling block for the UK in these negotiations is the issue of regulatory alignment. Many countries, including the US, have stated that they will only agree to a free trade agreement with the UK if they can be assured that the UK`s regulatory standards are equivalent to their own. This is a particularly challenging issue for the UK, as it will be looking to diverge from EU regulations in order to take advantage of new trade opportunities.
Overall, the establishment of new free trade agreements is a critical issue for the UK as it navigates its post-Brexit future. These agreements will help to ensure that the UK remains a major player in the global economy, and they will be essential for maintaining the country`s economic strength in the years to come.