To ask Her Majesty's Government what assessment they have made of the impact of a no-deal Brexit on future global trade.
27 February 2019
Our priority remains getting approval for the deal we have negotiated with our European partners. Alongside this, the Government will continue to do the responsible thing and prepare for all eventualities with partner countries, including a ‘no deal’ scenario. Details of these preparations can be found in the Government paper “Implications for business and trade of a No Deal exit on 29 March” published on the 26 February.
Regardless of how we leave, for the first time in more than four decades, the UK will have an independent trade policy once we exit from the EU. We will deploy all the tools at our disposal and tailor our trade policy to the strengths and requirements of the UK economy.
The Government is preparing for an ambitious programme of trade negotiations and enhanced market access. We have consulted on our first four potential free trade agreements (FTAs), with Australia, New Zealand, the United States and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
The Government has committed to publishing Scoping Assessments prior to launching negotiations on new FTAs. We will then publish an impact assessment of any concluded agreement prior to ratification.
While we are looking to forge new agreements, the Government is also seeking continuity for our existing EU trade agreements as we leave the European Union. We have made good progress, signing trade continuity agreements with Switzerland, Chile, the Eastern and Southern African (ESA) states, the Faroe Islands, Israel, and the Palestinian Authority.