Existing Uk Trade Agreements with Non-Eu Countries

As the United Kingdom (UK) navigates its exit from the European Union (EU), one of the biggest concerns has been establishing new trade agreements with countries that were previously covered by EU trade agreements. However, it’s important to note that the UK has existing trade agreements with non-EU countries that will continue post-Brexit.

The UK has several trade agreements with non-EU countries, including Japan, South Korea, and Canada. These agreements cover a range of industries including agriculture, manufacturing, and technology. These agreements provide the UK with tariff-free access to these markets, making it easier for UK businesses to trade with these countries.

One of the most significant trade agreements that the UK has is with Japan. The UK-Japan Comprehensive Economic Partnership Agreement was signed in October 2020 and came into effect on January 1, 2021. This agreement provides the UK with access to Japan’s market, which is the third-largest economy in the world, and covers industries such as automotive, financial services, and pharmaceuticals.

The UK also has a trade agreement with South Korea, which came into force in 2011. This agreement covers a wide range of industries including electronics, pharmaceuticals, and textiles. The agreement has helped to increase trade between the UK and South Korea, with exports increasing by 19% in 2019.

Another significant trade agreement that the UK has is with Canada. The Canada-UK Trade Continuity Agreement came into effect on January 1, 2021, and ensures that the UK will continue to have tariff-free access to the Canadian market. This agreement covers a range of industries including agricultural products, fisheries, and manufacturing.

In addition to these agreements, the UK has also signed trade agreements with other non-EU countries such as Norway, Switzerland, and Iceland. These agreements cover a range of industries and provide the UK with access to these markets.

Overall, it’s clear that the UK has established strong trade agreements with non-EU countries, which will continue post-Brexit. These agreements provide important benefits for UK businesses looking to trade internationally and will help to support the UK’s economy as it navigates the challenges of Brexit. As the UK continues to establish new trade agreements, it’s important to remember the value of these existing agreements and to build on them to ensure the UK’s continued success in international trade.