Politics

UK secures another post-Brexit trade deal – Australia, New Zealand and Japan lined up next


The “continuity” agreement, which roughly replicates the existing deal between the EU and South Korea, is the first of many, according to International Trade Secretary Liz Truss. The Brexiteer hailed the Asian country as a “beacon of enterprise, democracy and freedom” after she posed alongside South Korea’s trade minister Yoo Myung-hee in London to announce the signing.

Ms Truss tweeted: “Our trading relationship is already worth £14.6bn and will be even greater with our independent trade policy after we leave the EU on 31 Oct.”

It was the fist trade deal signed by the Cabinet minister since being appointed by Prime Minister Boris Johnson in July.

The deal will allow businesses in the UK and South Korea to continue trading freely with eachother after the UK leaves the EU on October 31, the government said.

Ms Truss said the agreement, which will take effect after Brexit, was “fantastic news for British businesses” whom, she claimed, stood to benefit from the UK’s departure from the bloc.

She said Brexit would present Britain with an “opportunity to realise new gold standard trade deals” with third parties.

Writing in the Daily Telegraph, She said: “British businesses stand to make huge gains from this deal.

“They will be able to continue trading on the same terms as they did before, and I hope moving forward we can work to build on this agreement and take it to new levels in the future. 

“The UK is making great strides towards forging new trade relationships around the world and exploring the best ways to develop our current trade and investment relationships.”

READ MORE: Liz Truss makes brilliant point about South Korea trade deal

And as the ink on her first deal is barely dry, Ms Truss has set her sights on forging agreements with Australia, New Zealand, Japan and the US.

In a statement issued earlier this week, Ms Yoo said she hoped the deal would ease some Brexit concerns amid the uncertainty over how the UK will leave the EU – with or without a deal.

She said: “In this challenging time, we took a proactive step, and as a result, our Free Trade Agreement … sends a signal to the world of our strong, collective support for free, open, rules-based trade.”

Since 2011, trade between the UK and South Korea has increased by 12 percent.

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In July Ms Truss met with New Zealand’s trade and export growth minister David Parker in London focusing on a future trade agreement between the two nations.

Less than a week into her appointment, Ms Truss said she wanted New Zealand to be “one of the first free trade agreements” the UK signs in the run up to Brexit.

And Australia’s Prime Minister Scott Morrison indicated he wanted to be at the top of the queue of those seeking trade agreements with the UK, saying: “We will be one of the first cabs off the rank”.

In January, Japan signed a deal with the UK to open its market to British lamb and beef imports.

However, it did not form part of discussions on a post-Brexit deal.

Both the UK and US governments have shown signs they are keen to strike a trade deal as soon possible after Brexit.



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