Britain has secured trade deals worth £766 billion and is thriving outside the EU says International Trade Minister.
Ranil Jayawardena Minister for International Trade revealed the UK resolved a total of 217 trade barriers across 74 countries which was a jump of 20 percent on last year.
Writing for the Telegraph, he said:
“So much for the doubters, doomsters and gloomsters.
“We must never forget just how much the UK has to offer as the world’s second largest services exporter and fifth largest economy. We have agreed trade deals with 70 countries — plus the EU — worth £766 billion.
“No other nation has secured so many trade deals with so many of its counterparts in such a short space of time. And this is just the beginning.”
Mr Jayawardena added the UK is also “making headway in dynamic economies around the world” and has begun paving the way for accession to the Trans-Pacific Partnership (CPTPP) with a combined GDP well in excess of £8 trillion last year.
On 1 February 2021, the UK Government formally applied to join the CPTPP – a free trade agreement between 11 countries around the Pacific Rim.
CPTPP members are currently Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
On 2 June 2021, CPTPP announced that the UK’s accession process would begin.
By joining CPTPP Britain would increase trade and investment opportunities in the world’s fastest growing region. In 2019, UK exports of goods and services to CPTPP countries amounted to £58 billion (8.4% of all UK exports). Imports were £53 billion (7.3% of the UK total).
Mr Jayawardena told the Telegraph:
“The opportunities available to a newly independent United Kingdom are all but limitless. In charge of our own destiny, we will bulldoze more and more trade barriers, and sign even more deals in the years and decades to come, giving our brilliant British businesses the freedom to look beyond the horizon and seize the opportunities out there.”
Photo source: UK Parliament website. Used under Creative Commons.