UK turns to emerging markets for trade

Govt promises improved access to markets for the poorest countries

Britain is turning to the world’s poorest countries to shore up trade as Brexit puts existing deals on an uncertain footing.

The government promises improved access to UK markets for the world’s poorest countries and to maintain existing duty-free access for “everything but arms” for 48 countries including Bangladesh, Sierra Leone and Haiti, according to an emailed statement from the prime minister’s office.

Britain will also seek to expand relationships with nations including Jamaica, Pakistan and Ghana. After decades of access to the European Union’s single market, the UK now has to strike out alone, following the 2016 vote to leave the bloc. In the Brexit negotiations that began June 19 in Brussels, the EU is demanding clarity on the future of its citizens living in Britain before talks on a post-EU trading relationship begin.
 

Trade Secretary Liam Fox has been in discussions with countries including the US and India to lay the groundwork for new deals, since the government is barred from completing talks while still part of the EU. “Our departure from the EU is an opportunity to step up to our commitments to the rest of the world, not step away from them,” Fox said. The announcement “shows our commitment to helping developing countries grow their economies and reduce poverty through trade.” The UK currently imports around 20 billion pounds ($25.6 billion) a year from developing nations including Bangladesh and Sierra Leone, the government said.

Almost 80 per cent of the country’s tea comes from the “least developed” nations, and slightly less than a quarter of all coffee imports.

Brexit fight looms over role of EU Court: UK 

Britain is ready to ‘fight’ the European Union’s demand that judges on the continent hold sway in the UK after Brexit, as Theresa May’s government warns that a final deal with the bloc is not certain.  Brexit Secretary David Davis, in a direct challenge to officials in Brussels, said the European Court of Justice won’t have a role protecting the rights of 3.2 million EU nationals living in UK after the country leaves in 2019. Davis also said he is ‘pretty sure’ a Brexit deal will be reached before time runs out but added: “I’m not 100 per cent sure — it’s a negotiation.”

The minister gave his assessment after he began talks with his EU counterpart Michel Barnier in Brussels last week. With the clock ticking down to Britain’s departure on March 29, 2019, the U.K. is under pressure to reach agreements quickly.