January 21, 2022

Beyond Going Long

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The UK has no current confidence in joining big trade deals

Emanuel Adam, head of the trade policy of the British American business, said the UK currently has no confidence in joining major trade deals.

“Joining the CPTPP and the North American USMCA is unrealistic, at least in the future,” Adam told the DPA. He agreed in advance to talk about joining the US Trade Agreement., Mexico and Canada (USMCA) but the idea was a little different. “

British Prime Minister Boris Johnson hoped that London would end the free trade agreement with the United States, one of Britain’s key targets after Brexit. However, its closure is delayed. US President Joe Biden has made it clear that such a bilateral agreement is not a priority at present, and London has criticized the European Commission (EC) for its controversy over Northern Ireland and its role in violating the terms of the Brexit agreement.

The United Kingdom already has trade agreements with Canada and Mexico

Following this failure, the British media reported that the United Kingdom wanted to join the USMCA. “It is not clear whether the USMCA will allow the entry of other partners, especially considering that such access will be negotiated again before a tough deal is reached recently,” Adam said. He noted that the UK already has a trade agreement with Canada and Mexico.

The situation surrounding the CPTPP Trans-Pacific Partnership is also complex. “Negotiations to join the CPTPP are still in the early stages, but China’s intention is to seek to join, further complicating the whole process.”

The British American Chamber of Commerce calls for “at least Atlantic economic cooperation” in the light of the temporary termination of the trade agreement between the United States and the United Kingdom, which could help small and medium-sized businesses. It will weigh more in the medium term than long negotiations with uncertain consequences. Adam said.

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