Brexit: Govt issues update on trade agreements

The Department for International Trade has issued an update on trade continuity after Brexit.

Nearly half of the UK's trade is currently with the EU; a further 11% is covered by the existing EU trade agreements the government is looking to continue as bilateral deals after Brexit. The 20 smallest of these agreements account for just 0.8% of UK trade. The remaining 40% of trade takes place with other countries.

So far, it has 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.

It has also signed Mutual Recognition Agreements with the United States of America, Australia and New Zealand, which it says 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".

"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," it stated. "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."

Detailed guidance for businesses on trade agreements if the UK leaves the EU with no deal can be found here:</b>

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