In post-Brexit era, the UK making slow but steady progress on its trade strategies

[LONDON] Nearly three years to the day since Brexit happened and Britain officially withdrew from the European Union (EU), the UK government’s trade strategies are nurturing some promising growth shoots, although there are still many concerns among businesses.

According to latest available data, there are currently 71 global trade accords that the UK has with other nations, accounting for about £814 billion (S$1.3 trillion) of bilateral trade in 2021 but covering only 60 per cent of global trade. Since Brexit, the UK inked new free trade agreements (FTAs) with only four major partners – Australia, Japan, New Zealand and Singapore.

The EU-UK trade and cooperation agreement, which governs the relationship in the post-Brexit era, entered into force in May 2021 and covers all of the UK’s trade with the EU.