Question

This isn't a homework but since I can't seem to find any answers for it, I would like to receive some insights from you experts! So, I heard that UK has official left the European Union on Jan 31st (aka Brexit). Are there any trade deals that have been signed? or any negotiations that has been reached? please provide me with some updates I can't seem to find any info on which trade deals were signed and etc.

thanks!

p.s provide me with a link would be great as well. would love to read through in details

Answer 1

UK is free to strike new trade deals for selling goods and services around the world.

The government is also beginning negotiations for a new trade agreement with the European Union (EU).

A free trade deal aims to encourage trade - usually in goods but sometimes in services too - by making it cheaper. This is often achieved by reducing or eliminating tariffs - charges for trading across borders.

Trade agreements also aim to remove quotas - limits on the amount of goods that can be traded.

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

So why have tariffs and quotas at all?
While free trade agreements aim to boost trade, too many cheap imports could threaten a country's manufacturers.

In order to protect local car makers, for example, a country could impose tariffs on vehicles from other parts of the world.

Why does the UK need an EU trade deal?
The UK will need an agreement with the EU to stop new tariffs and other trade barriers coming into force after the transition period ends on 31 December 2020.

During the transition period the UK will remain part of the EU's trading arrangements - the single market and the customs union. That means no tariffs, quotas or checks will be introduced.

The point of the transition is to give both sides some breathing space while a trade deal is negotiated, and to give businesses time to get ready.

If any trade deals are reached, either with the EU or other countries, they will not start until the transition period ends.

How easy will it be to negotiate a UK-EU trade deal?
Neither side wants tariffs and quotas - so that part of the trade deal could be straightforward.

But getting agreement around rules and regulations could be much tougher.

The UK and the EU currently share the same rules in areas like workers' rights, competition and environmental policy - they're known as level playing field rules.

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