- The UK currently has FTAs with over 70 countries in addition to the Trade & Cooperation Agreement (TCA) reached with the EU. In most cases, FTAs seek to maintain continuity of pre-Brexit trade with third countries.
- Several of these treaties include clauses requiring the agreement to be re-negotiated. The UK government hopes to use the opportunity to modernise and further tailor the provisions of the FTAs to the needs of the UK.
- Negotiations are underway with Switzerland, Mexico, Israel, Turkey and South Korea. The Labour government has signalled it will continue with these negotiations.
- In January 2024, negotiations with Canada on a new FTA were suspended following an impasse on trade in agricultural goods. The UK’s current FTA with Canada contains time-limited rules of origin that expired on 1 April 2024, so traders will find that some goods destined for the Canadian market incur new rates of import duty.
- With trade policy remaining an under-observed aspect of the UK business landscape, Deloitte’s annual Attitudes to Trade Survey helps to identify how and where businesses are trading post-Brexit and gauge longer-term sentiment around the UK's trade agenda.
- Timing: this is an area of continuing change and timescales are being determined for each negotiation.
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