Latest Brexit Update
- UK-Australia Free Trade Deal is expected to be struck in the next few weeks. The deal could be an important step towards the UK joining the Comprehensive and Progressive Agreement for the Trans-Atlantic Partnership (CPTPP).
- The row between the British government and the EU over Northern Ireland rumbles on. The argument stems from the NI protocol, that came into effect on January 1st 2021 having been agreed and implemented to ensure that a land border was not established after Brexit and thereby protecting the Good Friday agreement. The British have recently indicated that they could unilaterally drop the protocol. Ireland warned the British government that any reversal on the agreement would result in disaster, with France claiming that it is Brexit that is the issue, not the Protocol.
- The UK-Norway trade deal looks to be close to collapse after the Norwegian Christian Democrats Party claim that the deal would hit farmers there with further concerns over food quality and non-agriculture employment.
India and UK agree GBP 1 billion commercial trade and investment deal
- Expected to create 6,500 new jobs, the British government announced the deal following a virtual meeting with Prime Minister Modi on Tuesday 4th May. Some key points:
- Over GBP 533 million of investment into the UK from India
- GBP 200 million investment by the Serum Institute of India in the UK to support their vaccine business and new sales office, with an expected generation of new business worth over $1 billion, GBP 200 million of which invested back into the UK
- Over GBP 446 million worth of new export deals for the UK
- The partnership is expected to double the value of UK-India trade by 2030. UK-India trade is currently worth around GBP 23 billion per year. The deal declares the shared intent to work towards a comprehensive Free Trade Agreement
Future Trade Deals
Since Brexit the British government have been working hard to reproduce EU trading agreements that were in place prior to the UK’s departure.
The UK government has set out its priorities:
Although regarded as a high priority, US Secretary of State has played down the prospects of an early deal with the UK stating that the a UK-US free trade deal “will take some time to agree”. One key point was the priority in maintaining the gains achieved from the Good Friday Agreement in Northern Ireland.
Following several rounds of talks, from the 13th June 2020 to the latest on the 23rd April 2021, it has been announced that both countries would now enter a spirit to agree outstanding details which aims to reach a deal in principal by June 2021
On the 30th April 2021 the forth round of negotiations has been completed with the UKs Trade Secretary Liz Truss saying that that great progress had been made and a deal could be in place as early as the summer 2021