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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Yesterday the UK signed a rollover trade deal with Singapore, and an agreement with Vietnam that paves the way for a free trade deal in the near future.
- Including Singapore but not Vietnam (with the official signing of the trade deal yet to take place) the UK has rolled over 27 existing trade deals that nations or groups of nations have in place with the EU.
- These range from a deal with the Palestinian authority (bilateral trade in 2019 amounting to GBP9mn) to one with Switzerland (bilateral trade in 2019 amounting to GPB37.1bn). See table below for more detail:
Chart of UK Rollover Trade Deals
Source: BBC, Department for International Trade
- At present the EU has 38 trade agreements in force (excluding the transition period agreement with the UK), and has 11 agreements that have been provisionally applied but not yet fully ratified.
- The total value of bilateral trade with nations the UK has secured rollover trade deals with amounted to GBP157.3bn in 2019. Adding the GBP27.7bn of bilateral trade in 2019 with Japan (that the UK has secured an FTA with), the total trade covered by the new FTA's amounts to GBP185bn.
- This compares to the total of GBP615.0bn in bilateral trade between the UK and EU recorded in 2019 according to figures from the ONS.
- The UK remains in advanced talks with Australia, New Zealand, and Mexico. The total bilateral trade between the UK and these three countries amounted to GBP23.1bn in 2019.
- For Westminster, however, the overwhelming desire is to sign an FTA with the United States. The US was the largest single bilateral trade partner in 2019, with the total goods and services exchanged between the two amounting to GBP182.6bn. While reaching a deal with the US is likely to prove difficult, notably due to the change in US leadership coming in January, if an agreement can be signed in the coming months it would act as a major credibility boost for the UK gov't at a time when retail prices may be rising an supply restricted due to the impact of a likely no-deal Brexit.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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