For the past 46 years, the UK’s pattern of trade has been dramatically influenced by three phenomena:
- Its membership of the EU, with the development of its internal market and its relatively protectionist stance towards trade outside the EU
- The rise of Asia generally, and China in particular, as the manufacturing center of the world economy
- The decline of North Sea oil production that has turned the UK from a net energy exporter to a net importer
Now, for the first time in almost 50 years, the UK is developing its own trading relationships.
This article reviews trade deal options for the UK post-Brexit and the potential impacts they may have on the UK’s trade balance.
