The latest on Brexit…
The Government is set to host its biggest International trade meeting since the Brexit vote, ministers from 34 Commonwealth countries will be at the meeting.
International Trade Secretary Liam Fox is hoping this event will help boost relationships with other countries, as well as this he wants to see talks begin on an African free trade zone.
Some will see an opportunity in the UK leaving the restrictions of the common market, but others have concerns that the UK’s departure will have a negative impact on their own trade within the European area.
Many Commonwealth nations have preferential access to the EU under economic partnership agreements, this gives these countries tariff-free access to the UK market whilst being able to remain part of the EU.
If there aren’t any new arrangements the trading relationship could actually become worse.
However, Fox wants to reassure these countries that this will not happen, he’s also promised ministers who are attending the event that their trading relationships will stay the same or could even improve after Brexit.
Fox will outline deals with many different countries, this includes, Australia, New Zealand, India and Canada.
Under EU law, countries cannot form trade deals until after they have left the union. The UK is keen to get things underway so it’s fully prepared to put deals into place when it leaves the European Union.