New research from the CIBUK and Facts4EU has revealed the UK has secured billions of pounds worth of trade with countries outside the EU since Brexit.

The report shows the UK has secured £240 billion worth of trade per year (63.2% of the UK’s total trade) since leaving the bloc and now has 71 non-EU trade deals in place in addition to the 27 with EU member states.

Former Brexit minister David Jones said:

“This research by Facts4EU.Org and CIBUK.Org completely debunks Remainers’ downbeat predictions that, post-Brexit, the UK would struggle to find new trading partners and suffer a massive decline in trade.

“The report shows that, in fact, the reverse is true. Countries from right across the globe – from huge economies like Japan to micro-states such as Liechtenstein – have been keen to forge deals with Brexit Britain.

“What’s more, trade with non-EU countries has grown significantly faster than with the EU itself.

“Once again, the British people’s decision to leave the European Union has been fully vindicated.

“Outside the EU, the United Kingdom can look forward to better, more profitable relations with dynamic trading nations from every part of the world.”

According to the research, the 71 non-EU nations now make up £240 billion of the UK’s trade per year which is equivalent to 63.2% of the UK’s total trade.

The report also shows in 2021, the year the transition period ended, trade with these non-EU nations grew by 16.5%. In comparison, trade with the EU also expanded, but only by 4.4% in the same period.

Commenting on the CIBUK and Facts4EU reports, the Rt Hon Sir John Redwood MP said:

“The government has been successful in securing new trade deals around the world.

“The growing shift of economic activity to Asia reinforces the need to have a global view and to negotiate the best possible access to the faster growing markets of the world.”

Not stopping there Trade Secretary Anne-Marie Trevelyan is currently working on various deals including free trade negotiations between the UK and the Gulf Cooperation Council (GCC), made up of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.

Equivalent to the UK’s seventh largest export market, the GCC bloc’s demand for international products and services is expected to grow rapidly to £800 billion by 2035, a 35% increase – opening huge new opportunities for UK businesses.

A free trade deal would also open the door to increased investment from the Gulf, supporting and creating jobs across the country.

Another huge win for Britain would be joining the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership) which would deepen the UK’s access to fast-growing markets and major economies, including Mexico, Malaysia and Vietnam, for the benefit of UK business.

Joining the £9 trillion partnership will cut tariffs for UK industries including food and drink, and cars, while also creating new opportunities for modern industries like tech and services, ultimately supporting and creating high-value jobs across the UK. Unlike EU membership, joining does not require the UK to cede control over our laws, borders, or money.

UK trade with the group was worth £111 billion in 2019, growing by 8% a year since 2016.

Prime Minister, Boris Johnson said

“After our departure from the EU we are forging new partnerships that will bring enormous economic benefits for the people of Britain.

“Applying to be the first new country to join the CPTPP demonstrates our ambition to do business on the best terms with our friends and partners all over the world and be an enthusiastic champion of global free trade.”

For the original article, click here: https://facts4eu.org/news/2022_aug_uk_trade_deals

This research and report was put together by Facts4EU.Org.  We are most grateful for their research and permission in republishing this information.

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