Connect with us

Hi, what are you looking for?

Investing

Dozens of trade deals done just hours before Brexit deadline

Bananas

British negotiators secured dozens of trade deals before the UK left the European Union.

Whitehall officials shored up 32 accords in time for the end of the Brexit transition period, largely preserving terms of trade with 62 countries, from South Korea to Singapore and Switzerland and Saint Lucia. However, agreements signed with Canada and Mexico will not come into force for several weeks and deals with six other markets were not negotiated in time, triggering default tariffs and terms for trade with the likes of Algeria and Albania.

Ranil Jayawardena, trade minister, said that talks had been “ramped up” by Downing Street’s refusal to extend the transition beyond the end of 2020. Chilean wine, Kenyan coffee and Saint Lucian bananas will remain tariff-free as a result of the deals, he added.

While Britain is looking to the United States, Australia and New Zealand for its initial trade agreements, civil servants have spent the past three years trying to preserve its access to those with which the country has traded with as a member of the EU. An 11th-hour deal with Turkey was finalised over Christmas, after Britain’s trade agreement with Brussels.

Mr Jayawardena said that the government hoped to roll over the remaining agreements “in the fullness of time”.

David Henig, a former British trade negotiator and assistant director at the Department for International Trade, called it a “decent, middling, solid” performance, if not “fantastically amazing, transformational for the country”.

“Numerically, not bad . . . content-wise, not so much of a success,” Mr Henig, now director of the UK Trade Policy Project, said. “Switzerland, Norway are, in fact, only partial rollovers. Mexico, Canada and South Korea also need to be renegotiated.”

Read more:
Dozens of trade deals done just hours before Brexit deadline

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

THE DEPARTMENT of Public Works and Highways (DPWH) said Tuesday that it will support local government units (LGUs) and map out a clear division...

Economy

A TOTAL of 4.73 million coronavirus vaccine doses procured under a World Bank loan have arrived in the Philippines, the bank said. Over eight...

Economy

THREE INDIVIDUALS filed a complaint before the Office of the Ombudsman against Energy Secretary Alfonso G. Cusi and other officials, alleging corruption in connection...

Economy

A NON-GOVERNMENT organization (NGO) urged candidates running for President to reveal their views on how they plan to govern with borrowed money. Freedom from...

Economy

THE BOARD of Investments (BoI) said it recently approved an application for incentives of Libertad Power and Energy Corp. for a 6-megawatt (MW) biomass...

Economy

THE DEPARTMENT of Agriculture (DA) lifted a ban on cattle imports from Brazil after a finding that cattle from that country have a negligible...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

Pfizer Inc on Wednesday raised its 2021 sales forecast for its COVID-19 vaccine by 29% to $33.5 billion, and said it believes people will...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!