The United Kingdom (“UK”) is in the market for trade deals, with potential new benefits for a number of States and both inbound and outbound investors. As of 1 January 2021, following its exit from the European Union (“EU”), EU trade agreements no longer apply to the UK. It is now in the process of finalising a UK-Australia trade deal and a UK-New Zealand trade deal, having recently published an Agreement in Principle for each of them.
In the same vein, the UK is negotiating trade deals with the 11 Pacific Rim States forming the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”). It has also expressed an interest in joining the US-Mexico-Canada trade pact and in trade deals with other States, such as India. This follows recent new trade deals signed with Japan in late 2020 and with Norway, Iceland and Liechtenstein in July 2021. Read More.