Brexit news: How Commonwealth trade agreements hold the key for Boris’s plans revealed | UK | News (Reports)

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Remainers have stated any free trade agreement with the US will not only lower UK standards but also provide little contribution to the country’s GDP. A trade deal will not be agreed until next year but deputy director of the Adam Smith Institute, Matt Kilcoyne has insisted the UK now think “globally about trade” rather than focusing on one deal in particular. Speaking to Express.co.uk, he stated the UK should look to countries with past historical links to such as India, or states in the Asia-Pacific region due to their potential for economic growth.

The UK has begun negotiations with both New Zealand and Australia, with the former claiming it is ready to agree a trade agreement as soon as possible.

Mr Kilcoyne said: “Trade is not zero-sum, we should be seeking as many trade deals as possible. Britain should be thinking globally about trade.

“Fortunately the regions with the highest growth potential in the next few decades: Subsaharan Africa, South East Asia, India, and the wider Asia Pacific, all have historic and familial links to the UK.

“The highly developed, modern and diverse liberal democracies of Canada, Australia, and New Zealand are well placed for the kind of high-trust trade agreements based on mutual recognition of goods and services, but also of qualifications.

“It should be as easy to move and be a teacher in Sydney as it is to move to teach in Sydenham; or to be an engineer in Auckland as it is to be in Aberdeen.

“We’re far apart geographically but the global reach of our closest allies is a perfect antidote to regional blocs around the world that are turning inward.

“With these states Britain can play a leading role in keeping global trade flowing.”

According to the International Monetary Fund’s economic outlook, the real GDP of both Australia and New Zealand in 2021 is expected to grow by 6.1 percent and 5.9 percent, respectively.

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The UK is currently locked in negotiations with Japan over a comprehensive agreement.

Although negotiations have stalled over Stilton cheese, the two sides expect an agreement to be struck by September.

Japan is the UK’s fourth-largest non-EU trading partner but an agreement between the two sides could increase trade by £15billion a year.

While trade talks are progressing with other states, the EU and UK have so far failed to agree to a deal during negotiations.

David Frost and his European counterpart, Michel Barnier concluded the latest round of talks on Friday.

However, following talks, Mr Frost claimed Brussels had made negotiations difficult by once again repeating its demands over state aid and fisheries.

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