UK Urged to Form New Free Trade Commission Due to Brexit
- Business & Finance
As the British people made a decision to leave the European Union, the UK should consider establishing a new Free Trade Commission in an effort to sign free trade deals with trading partners around the world, according to the UK Chamber of Shipping.
The UK may now be beginning the process of leaving the European Union, but the country is still an island nation that has to make its way in the world through buying and selling, and the shipping industry, which moves 95% of the UK’s international trade, will continue playing a great role.
“We believe that government should establish a new Free Trade Commission, working across the Department for Business and the Foreign Office, to train trade negotiators and begin the process of establishing new trading ties around the world and be ready for the negotiations with the remaining members of the EU,” the association said.
The UK Chamber of Shipping added that the rest of the world beyond Europe has experienced significant economic growth, and a key argument by the Vote Leave campaign was that the UK would be able to quickly sign free trade deals with trading partners around the world.
“Government now has to act quickly to ensure that happens,” according to the association.