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Brexit effect
KEY POINTS
- UK customs duty rate is less than one-third of the
global average. - Regional trade blocs help keep down import tariffs.
- Canada leads the way in negotiating free trade deals.
- The UK will need to make agreements with countries within and outside the EU.
As the UK prepares to leave the EU attention has focused on the government’s ability to secure favourable trade deals post-Brexit. With reason this is seen as one of its top priorities to secure Britain’s economic fortunes as we forge a new place on the world stage. But it is important to put this into context. We need to understand where the UK stands in terms of customs barriers relative to our peers in other industrialised high-income economies and also compared with emerging...
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