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Forum » FunWorld » Allgemein » What trade deals has the UK done so far?

What trade deals has the UK done so far?

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# 21.09.2022 - 06:02:56 Uhr

What trade deals has the UK done so far?

A UK-US trade deal could be many years away, Prime Minister Liz Truss has said, ahead of talks with US President Joe Biden.

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Since Brexit, the UK has signed trade deals and agreements in principle with 69 countries and one with the EU.

However, the majority of these are simply "rollovers" - meaning they copied the terms of deals the UK previously had when it was an EU member, rather than creating new trading arrangements.

Will there be a US trade deal?
The US is a significant trading partner, accounting for 16% of total UK trade. Since Brexit, some small deals have been reached - such as lifting the ban on the export of British beef.

However, Mr Biden played down the chances of an imminent UK-US trade deal in 2021.

Ahead of her first meeting with the US President, Ms Truss admitted that she didn't expect negotiations to start "in the short to medium term".

Brexit supporters previously touted the prospect of a US-UK trade deal as a key benefit of leaving the EU.

What is a free trade deal?
A free trade deal aims to encourage trade between countries by making it cheaper and simpler. It normally applies to the exchange of goods, but occasionally to services as well.

Making trade cheaper is usually achieved by reducing or eliminating tariffs. These are government taxes or charges for trading goods across borders. A car importer might have to pay a 20% tariff on top of the vehicle's price, for example, to bring it into a country.

Trade can also be made simpler if countries have the same rules, such as the colour of wires in plugs or food safety requirements. The closer the rules are, the less likely that goods need to be inspected.

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