UK to build trading zone ten times bigger than the EU following Brexit

Post-Brexit: Britain aims to secure a trading zone with 12 countries before leaving the EU in 2019 in a deal worth billions.

The UK will build a trading zone ten times bigger than the EU, by making huge deals worth billions to the UK economy with 12 major nations.

Britain already has ten trade deals lined up with some of the world’s biggest economic powerhouses, including India, China, Japan and Canada, with Australia and the US at the front of the queue. Australia hopes to make a deal “as soon as possible”, Malcolm Turnbull told Theresa May yesterday.

The new International Trade Secretary, Liam Fox, is due to fly out to the US in the very near future, to meet the White House’s most senior trade negotiator. Britain and the US already gain £17Bn worth of exports every year, without any trade deals in place.

He revealed that he would be able to cherry pick the brightest and the best from each government department, to ensure he had the strongest group possible to give Britain the best opportunities to thrive post-Brexit.

He said: “One of the things that has always irritated people in Britain about our relationship with the EU is that we always applied all the EU laws.

“By the same token, one of the things that people will trust in us is that we apply all the laws. People understand that if we make a law, we will apply it without fear of favour.”

Mr Fox outlined three aims of his department which included developing a new ability for Britain to technically negotiate trade contracts, encouraging direct investment in the UK and promoting British goods and services throughout the world “to a scale we haven’t seen before”.

The UK’s new Prime Minister, Theresa May, has said that the early developments were positive steps towards making Brexit work for Britain, and her talks with the Australian counterpart were “very encouraging”.

Mrs May said: “I have been very clear that this Government will make a success of our exit from the European Union.

“One of the ways we will do this is by embracing the opportunities to strike free trade deals with our partners across the globe.

“Britain is an outward-looking and globally-minded country, and we will build on this as we forge a new role for ourselves in the world.”

 

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