Commons Sense

House of Commons · Written Ministerial Statement

Free Trade Agreements with the Rest of the World

06 February 2020 · Department for International Trade

Proposed by Elizabeth Truss Con South West Norfolk

Business & Trade

Summarised by AI from the official record, so it can contain mistakes.

View on Parliament.uk

At a glance

Key points

  • The UK plans to negotiate free trade agreements with priority partners outside the EU.
  • The government aims to cover 80% of UK trade with FTAs within three years.
  • Negotiations will start with the USA, Japan, Australia, and New Zealand.

Issue summary

The statement outlines the UK's proposed approach to negotiating free trade agreements with priority partners outside of the EU.

Action requested

The Government aims to secure FTAs covering 80% of UK trade within three years, starting negotiations with the USA, Japan, Australia and New Zealand. It will set out negotiating objectives for the UK-US FTA in due course and continue to provide updates on its plans for global FTAs.

Key facts

  • The IMF forecasts that 90% of global GDP growth will come from outside the EU over the next five years.
  • The Government aims to secure free trade agreements covering 80% of UK trade within three years.
  • Over 31,600 small British businesses are already exporting goods to the US.
  • At the end of 2018, British companies had investments worth £295.1bn in the US.
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