Brexit to change UK's world role

THE British government on Wednesday triggered Article 50 of the Lisbon Treaty, commencing formal exit talks with the European Union (EU). While much attention has inevitably focused on what new relationship the United Kingdom will forge with Europe, Brexit will also change the nation's wider world role, especially in the context of trade relations.

Prime Minister Theresa May has asserted that she wants to rediscover the UK's heritage "as a great global trading nation", including with industrialised countries such as Australia, Canada and the United States, plus emerging markets such as India, China and Gulf Cooperation Council states. To this end, UK Secretary of State for International Trade Liam Fox has confirmed that the government is already discussing informally trade deals with at least 12 countries.

At the same time that informal talks have begun with multiple nations on these bilateral trade agendas, Mr Fox has also opened discussions with the 164 member-strong World Trade Organization (WTO) over post-Brexit terms of membership. The UK's current membership is governed by its status within the EU with Brussels making commitments on trade tariffs and quotas on behalf of the 28 governments.