England Trade Agreements: An Overview
The United Kingdom (UK), composed of England, Scotland, Wales, and Northern Ireland, has been forging trade agreements for centuries. Historically, it was the leader in international trade, with its powerful navy helping it dominate the seas. Today, England continues to be an important participant in global trade, despite having left the European Union (EU) in 2020.
Since leaving the EU, England has been working to secure trade deals with countries around the world to ensure it maintains its economic position. Let`s take a closer look at some of the key trade agreements that England has established or is negotiating.
1. EU-UK Trade Agreement
After years of negotiations, the EU-UK Trade and Cooperation Agreement was signed on December 24, 2020, four and a half years after the Brexit referendum. This is the main agreement that governs trade between the UK and the EU, England`s largest trading partner. It provides for zero tariffs and zero quotas on all goods that meet the agreed standards, and it includes provisions on a wide range of issues such as fishing, aviation, and energy.
2. Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
The CPTPP is a free trade agreement signed by 11 countries, including Japan, Canada, and Australia. The UK has expressed interest in joining this agreement, as it would provide access to a market of around 500 million people and boost trade with some of the world`s fastest-growing economies. Negotiations are ongoing, and it remains to be seen whether the UK will be accepted.
3. United States-UK Trade Agreement
The US is one of England`s most important trading partners, and the two countries have been in talks about a trade agreement for some time. Negotiations began in May 2020, but they have been slow, with many issues still to be resolved. A trade deal with the US would be significant for England, as it would provide access to a market of around 330 million people and increase trade in services such as financial services, a key sector for the UK.
4. Japan-UK Economic Partnership Agreement
In October 2020, England and Japan signed a free trade agreement, which came into force on January 1, 2021. The agreement provides for zero tariffs on 99% of all goods traded between the two countries, and it includes provisions on a wide range of issues such as financial services, e-commerce, and data protection.
5. Canada-UK Trade Agreement
In November 2020, England and Canada signed a transitional trade agreement that came into force on January 1, 2021. This agreement provides for the continued flow of goods and services between the two countries and ensures that businesses can continue to trade without disruption while a more comprehensive agreement is negotiated.
Conclusion
As England charts its course outside the EU, it is actively seeking to establish trade agreements with countries around the world. These agreements are critical for England to maintain its economic position, increase trade, and expand its global reach. While some agreements have been signed, others are still being negotiated, and the coming years will be crucial for England`s trade relations with the world.