Take a glance at the United Kingdom’s business status in the 2018-’19 fiscal year. We decorate this article with that news which generates a huge impression on the UK economy.
Brexit: What Trade Deals Has The UK Done So Far?
As a European Union member, the UK is automatically part of about 40 trade agreements which the EU has with more than 70 countries. If the UK leaves the EU without a deal on 29 March, it would lose these trade deals immediately. To avoid this, Theresa May’s government says it wants to replicate the EU’s trade agreements “as far as possible” and have them ready to go in the event of a no-deal Brexit.
The government says the EU’s negotiated deals with other countries are worth about 11% of total UK trade. Liam Fox, the international trade secretary, told MPs in January last year that the government wanted to achieve “continuity and stability” by ensuring that the UK would continue to benefit from these arrangements.
So how much progress has been made?
Seven out of 40
The UK has (so far) only agreed to seven “continuity” deals. These are:
Pacific Islands (signed 14 March)
Israel (18 February)
Palestinian Authority (18 February)
Switzerland (11 February)
The Faroe Islands (1 February)
Eastern and Southern Africa (31 January)
Chile (30 January)