Brexit Britain tipped for £20BILLION trade bonanza– 100 hated red tape rules to be torn up

Penny Mordaunt discusses increasing trade with Commonwealth

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Ministers confirmed this morning that they have a hit list of protectionist measures against trade with the UK that they want to eradicate. The UK has already taken swift action to remove 396 barriers to trade since it left the EU and took back control of international trade policy.

But going further, trade minister Ranil Jayawardena told MPs this morning that ministers had already drawn up a list of where they wanted to go further.

Outlining the Government’s plans for the months ahead, he told the House of Commons: “Removing trade barriers boosts our exports to new and familiar markets around the world.

“We have resolved 396 barriers around the world in the last two years.

“Just 45 of the 195 barriers we resolved in the last financial year could be worth around £5billion to businesses across our country.

“If we can now remove the next 100 trade barriers on our most wanted list, this has the potential to deliver export opportunities for British businesses worth around £20billion.

“As one example, last month we removed barriers in Mongolia that prevented the export of British poultry and fish, opening up a market worth £10million.”

He detailed the plans in response to a question by Conservative MP Selaine Saxby, who asked what steps the Department for International Trade had taken to reduce barriers to global trade for British businesses.

As well as looking to boost trade via ripping up unnecessary red tape, the trade department has sought to boost Britain outside the EU with new trade deals.

Britain has secured agreements with countries including Australia, New Zealand and Singapore since 2019.

The UK is also on the final stage of securing accession to the much coveted Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

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The trade group of 11 nations makes up 13.5 percent of global GDP and is worth £8.4trillion in total.

Once Britain joins the CPTPP, 99.9 percent of UK exports are set to be eligible for tariff-free trade.

It could unlock an additional £100billion in trade for the economy.

Giving an update on negotiations, Penny Mordaunt said this morning: “The UK is well on its way to joining CPTPP, one of the largest trading blocks in the world.

“We are now in market access negotiations, which are the final stage of the process.”

It is hoped talks will be completed by the end of the year.

Trade talks were controlled by Brussels when the UK was a member of the European Union.

It meant Britain was locked in trade rows with countries across the globe for disputes that largely involved other EU nations and had little to do with the UK.

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