Britain could strike free trade deals with South Korea, the U.S. and Brazil within a year of leaving the European Union (EU), according to a new report.
The Trade Prospects Index, launched by former government adviser Matthew Oakley, names the three countries as the most likely to want to sign post-Brexit deals with the UK.
The index urges the government to prioritise talks with countries it identifies as having the biggest potential economic value for the UK, and which are likely to be quick in bringing forward an agreement.
South Korea is the most likely to sign a free trade deal with Britain, followed by America, Brazil, China and then Australia according to the report, which is backed by Heathrow Airport chiefs.
Countries analysed in the Trade Prospects Index were ranked based on enthusiasm to sign a deal with Britain, financial services and the speed at which an agreement could be reached.
South Korea’s last free trade deal was agreed in just 30 months, and a UK-Korea working group has already been established, with Britain having exported just under £5 billion of goods to the country last year.
The report stresses that it’s vital for the government to push certain countries to the front of the queue with regards to pursuing trade talks, warning that the civil service could be “stretched to breaking point” unless the Department of International Trade prioritises countries.
Theresa May yesterday agreed with U.S president Donald Trump to launch negotiations for a post-Brexit free trade deal, risking a major confrontation with the EU as the bloc strictly forbids members from having trade talks with other nations.
Breitbart London reported in January that a group of cross-party MPs is plotting to make Britain’s exit from the European Union (EU) as ‘soft’ as possible.
Europhile MPs have agreed to work across party lines in amending the Brexit legislation in a way that chains Britain to the single market, which would eliminate Britain’s ability to strike comprehensive trade deals with countries outside of the EU.