Our priority is to avoid disruption to our global trading
relationships as we leave the European Union.
The United Kingdom already trades with countries all over
the world and will continue to do so regardless of whether
we leave the European Union with a deal or not.
Nearly half of our trade is with the EU and a further 11%
of our trade is covered by the existing EU trade agreements
we are looking to continue as bilateral deals after we
leave the EU: the 20 smallest of these agreements account
for just 0.8% of UK trade. The remaining 40% of trade takes
place with other countries.
The best way to avoid any disruption to our trade after
Brexit is to leave the EU with a deal. This can secure our
trade with the EU and trade with countries covered by the
existing EU trade agreements. This is because leaving the
EU with a deal will ensure UK businesses can continue to
trade with the whole world on the same terms as they do
today for the implementation period.
However, it is only responsible for Government to prepare
for all eventualities. That’s why the Department for
International Trade is continuing to work with countries to
transition the existing EU trade agreements which the UK
participates in as a member of the EU, in the event of a no
deal to avoid disruption for businesses. This is our top
priority and we have significantly increased resources
transition these agreements.
We have already secured agreements with countries that
account for more than a quarter of UK trade covered by
these agreements. This includes signing agreements with
Switzerland, which is worth over 20% in terms of value of
these agreements, as well as Chile, the Faroe Islands,
Eastern and Southern Africa, Israel and the Palestinian
Authority.
We have also signed Mutual Recognition Agreements with the
United States of America, Australia and New Zealand, which
ensures that businesses don’t face additional bureaucracy
and allows them to continue trading as freely as they do
today after we leave the European Union.
Many of the other trade agreements are at an advanced
stage, and the UK Government will be signing more in the
coming days and weeks.
We will continue to update businesses and they should
continue to plan for range of Brexit scenarios, including
the possibility of leaving the European Union without an
agreement.
Notes to editors
