The post-Brexit vision of a UK finally free to do trade deals around the world is giving way to reality: free trade agreements deliver marginal benefits and little influence, particularly for the UK’s service- oriented economy. After Britain’s decision to leave the European Union, the government and Brexiteers argued that the UK’s new ability to cut trade deals around the world would not only compensate for any loss of access to the EU’s single market, but also free the UK to strike deals with high-growth economies in Asia and with the US. The UK government set out to quickly replace the extensive network of EU free trade agreements (FTAs) and expand it with new agreements with countries such as Australia, India and the US, as well as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) regional agreement for countries on either side of the Pacific.
Author: Aslak Berg, Research Fellow, Centre for European Reform.
This text has originally been published on the CER website.
