UK Looks For New Trade Deals Following Brexit


By Global Tax Weekly

Britannia may no longer rule the waves, but it is still the world’s fifth-largest economy, home to arguably the most important financial center in the world (I’m never quite sure how such things are measured, but it’s right up there with New York), and remains something of a force on the world diplomatic stage. It is therefore unsurprising to see so many countries express an interest in doing trade deals with the UK. And, after a worrying period during which the country appeared to have politically decapitated itself, it is also encouraging to at last see the embryo of a Brexit plan emerge, with the Government now keen to sell Britain to key developed and emerging economies.

A word of warning for the UK though: don’t get your hopes up too soon. Despite the encouraging feedback the UK has had from the likes of the US, Mexico, Australia, and New Zealand, this isn’t going to be plain sailing. Even relatively simple bilateral free trade agreements can take ages to conclude. Then, after months, maybe years of ironing out the wrinkles, negotiators face the prospect of watching all their hard work disappearing down the drain as legislators reject the texts they put together so painstakingly.

Few people thought Brexit was going to be easy, but combined with the likely tortuous process of securing an EU withdrawal settlement, securing a network of suitable free trade deals will probably take years of blood, sweat, toil, and tears. Still, the British will hope that at the end of this arduous journey, they will have something positive to show for it.


For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look





Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>



RELATED ARTICLES AND INFORMATION

OECD Releases BEPS Action 14 Peer Reviews

On February 16, the OECD released the final batch of BEPS Action 14 peer reviews, on the efforts of 13 jurisdictions to improve how...

EU Reports On Brexit Impact

The EU has been mulling over the anticipated economic impact of the Brexit split. Releasing its Winter 2021 Economic Forecast, the EU suggested that...

India Reduces Time-Period For Investigations

The Indian Government has announced its intention to reduce the time-period during which the tax authority can probe an individual’s tax affairs. Under the...