Free Trade Agreements
As a member of the European Union, the UK is party to the EU Free Trade Agreements (FTAs), which are negotiated by the European Commission with another country or trading bloc with the aim to enter into a preferential trading arrangement with each other
The UK remains firmly committed to the multilateral system of free and fair global trade, as governed by the World Trade Organisation (WTO). Whilst this will always provide the best route for trade liberalisation, FTAs can bring real economic benefits if they are implemented in the correct way. Even following a successful conclusion of the Doha Development Agenda (the current round WTO trade negotiations), obstacles will still remain in place for businesses, and FTAs could help tackle these.
The EU is currently negotiating a number of FTAs. Including with South Korea, India, Mercosur (Brazil, Argentina, Uruguay and Paraguay), Canada, Ukraine and Singapore. The EU already has FTAs with South Africa (since 1999), Mexico (since 2000) and Chile (since 2002).
Free Trade Agreements can bring real economic benefits to UK business, offering deep and comprehensive market opening. For example, the EU-South Korea FTA will bring a £1.4 billion reduction in Korean tariffs on EU industrial exports, half of which will be immediate, and could deliver £500 million of economic benefits annually to the UK economy.
Contact
Response Centre
Tel:020 7215 5000
or :020 7215 6740 (Minicom)
Fax: 020 7215 0105
email: enquiries@bis.gsi.gov.uk
