The UK has signed a number of trade agreements in recent years as it seeks to forge new relationships outside of the European Union. These agreements are crucial for the growth of the UK economy, enabling UK businesses to continue trading with important markets around the world.
One of the most significant of these agreements is the UK-Japan Comprehensive Economic Partnership Agreement, which was signed in October 2020. This agreement eliminates tariffs on 99% of exports to Japan and is expected to boost UK GDP by more than £1.5 billion over the long term.
The UK has also signed trade agreements with countries such as Canada, Singapore, and Vietnam, among others. These agreements provide UK businesses with access to markets that they may not have been able to access before, thereby opening up new opportunities for growth and expansion.
In addition to these bilateral agreements, the UK has also joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes countries such as Australia, Japan, and Canada. This agreement is one of the most comprehensive trade agreements in the world, covering a range of areas such as goods, services, investment, and intellectual property.
However, signing these agreements is only the first step. The real challenge lies in ensuring that UK businesses can take advantage of these new opportunities. This means that businesses need to be aware of the terms of the agreements and the opportunities that they provide, and they also need to have the skills and capabilities to compete in new markets.
Overall, the signing of these trade agreements is a positive development for the UK economy, providing new opportunities for growth and expansion. However, businesses need to be proactive in taking advantage of these opportunities and ensuring that they are well-positioned to compete in new markets.