Post-Brexit Trade Developments and Partnerships: A Comprehensive Overview
The post-Brexit landscape for the UK involves significant changes in trade relationships, with key developments including trade agreements, partnerships, and negotiations involving the EU, US, and California. Dr. Matt Beech's insights on the UK's evolving position post-EU exit shed light on the challenges and opportunities faced by the country in its global trade engagements. The UK's efforts to establish trade agreements, such as with the US and potential inclusion in the CPTPP, reflect its strategic approach to navigate the new economic landscape. The partnerships with the US and California illustrate the multifaceted nature of UK trade relationships and the shared objectives of building a stronger economic foundation in a post-Brexit era.
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Presentation Transcript
DR MATT BEECH SENIOR FELLOW, INSTITUTE OF EUROPEAN STUDIES, UC BERKELEY DIRECTOR OF THE CENTRE FOR BRITISH POLITICS, UNIVERSITY OF HULL
POST-BREXIT The UK left the European Union on January 31, 2020 - European Union (Withdrawal Agreement) Act 2020 The UK entered a transition period 1stFebruary Covid-19 pandemic UK-EU Trade and Cooperation Agreement was signed 31st December, 2020 a day before the reality of hard Brexit 1stJanuary 2021 UK outside of the EU Customs Union and Single Market
GLOBAL BRITAIN? Department for International Trade has signed 63 trade agreements to date 59 are live and 4 expected to enter effect by end of Q1 Liz Truss, Secretary of State for International Trade, formerly requested UK to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) FTAs needed with US, India and China
UK-US TRADE PARTNERSHIP Data from the US Chamber of Commerce states that: 1. The UK and the US are each other s single largest foreign direct investor 2. The US is the largest export market for the UK 3. The US has a goods/service surplus with the UK of 18.9bn in 2018 The UK and US have signed a Mutual Recognition Agreement Change of administration in Washington has affected the pace of negotiations Sticking points remain: health, agriculture and food Optimism for a FTA to be agreed in 2021
UK-CALIFORNIA TRADE PARTNERSHIP Strong track record of UK-California co-operation Trade is two-way: similar sectors Trade is broadly balanced Shared values Businesses have faced similar challenges with shelter in place/lockdown Shared vision to build back better
Thank you. Questions please.
