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At the moment, a Brexit deal or solution is not on the table. Negotiations continue with Brussels. But so far, the United Kingdom has only agreed trade deals with six countries. The deals include relaxing certain rules, tax reducement on imports and exports or granting easier access to the market. The UK government estimates that around 11 percent of the UK trade relies on agreements with 70 countries − initiated via the European Union.
The ‘continuity’ agreements that the United Kingdom has struck include agreements with Israel, Palestinian Authority, Switzerland, the Faroe Islands, Chile and East- and South Africa. The UK also signed deals with the US, Australia and New Zealand. But these are ‘mutual recognition agreements’, and not free trade agreements.
The UK’s five top trading partners are the United States, Germany, the Netherlands, France and China.
With Brexit being a tad more than a month away, the United Kingdom will have difficulties regarding the time to finish all deals. If the UK does not finish their formal trade agreements with the intended countries, both would have to trade via the rules that are overseen by the World Trade Organization. (WTO/www.wto.org.)
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