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THREAD: with 18 days to go and no deal looming- how have the Conservatives done when measured against their Brexit manifesto pledges on international trade?
Answer: not well.
Answer: not well.
1.) “As we leave the European Union, we want to negotiate a new deep and special partnership with the EU, which will allow free trade between the U.K. and EU member states.”
Verdict: failed. We are due to leave and the negotiations on the future relationship haven’t even begun.
Verdict: failed. We are due to leave and the negotiations on the future relationship haven’t even begun.
2: “We will seek to replicate all existing EU free trade agreements entered into during our EU membership.”
Verdict: largely failed. Of the 40 EU trade deals we are party to right now, Liam Fox’s DIT has so far only agreed 6 “continuity deals.”
Verdict: largely failed. Of the 40 EU trade deals we are party to right now, Liam Fox’s DIT has so far only agreed 6 “continuity deals.”
These six include:
🇮🇱Israel (£3.9bn of trade)
🇵🇸The Palestinian Authority (£25m)
🇨🇭Switzerland (£32.1bn)
🇫🇴The Faroe Islands (£236m)
🇲🇬🇸🇨🇿🇼🇲🇱🇲🇺Eastern and Southern Africa (£1.5bn)
🇨🇱Chile (£1.8bn)
Approximately £39.5bn. Or around 3% of total U.K. trade.
🇮🇱Israel (£3.9bn of trade)
🇵🇸The Palestinian Authority (£25m)
🇨🇭Switzerland (£32.1bn)
🇫🇴The Faroe Islands (£236m)
🇲🇬🇸🇨🇿🇼🇲🇱🇲🇺Eastern and Southern Africa (£1.5bn)
🇨🇱Chile (£1.8bn)
Approximately £39.5bn. Or around 3% of total U.K. trade.
It does not include:
🇯🇵Japan (£16bn of trade)
🇨🇦Canada (£11.2bn)
🇲🇽 Mexico (£2.8bn)
🇳🇴 Norway (£22.7bn)
🇰🇷South Korea (£10.7bn)
🇿🇦 South Africa (£5.4bn)
These countries (+dozens of others) account for 14% of U.K. trade-£180bn. If there’s no deal we lose these agreements.
🇯🇵Japan (£16bn of trade)
🇨🇦Canada (£11.2bn)
🇲🇽 Mexico (£2.8bn)
🇳🇴 Norway (£22.7bn)
🇰🇷South Korea (£10.7bn)
🇿🇦 South Africa (£5.4bn)
These countries (+dozens of others) account for 14% of U.K. trade-£180bn. If there’s no deal we lose these agreements.
The idea then that no deal would be a boon for free trade is far fetched. We would lose preferential trade regimes with 64 countries outside of the EU. If it were so easy to quickly replicate these agreements presumably DIT would have converted more in the last 3 years.
This of course isn't to mention the loss of unimpeded access to the single market of 27 EU member states. 🇪🇺
That amounts to £614bn- or 48% of UK trade.
So if we take that together with the £180bn of trade with countries with agreements we have with the EU.
That's £794bn.
That amounts to £614bn- or 48% of UK trade.
So if we take that together with the £180bn of trade with countries with agreements we have with the EU.
That's £794bn.
3.) On the plus side the government has, as promised, lodged new UK trade schedules with the WTO.
These are currently, as they are obliged to be, the same as the EU's.
These include a 0% tariff on camels. So that's something. #freetradefuture
These are currently, as they are obliged to be, the same as the EU's.
These include a 0% tariff on camels. So that's something. #freetradefuture
