Published On: 09/03/20222.6 min read
UK Trade Deals Explained

What’s the impact on UK trade two years down the line?

Since the United Kingdom exited the European Union back in January 2020, as a result of the 2016 EU referendum, the costs associated with UK trade in relation to both imports and exports has altered.

So, what’s the impact on UK trade two years down the line? As a global exporter of the UK’s best brands, the Smylies team is continuously keeping up to date with any exciting new trade developments across the world.

What is the Purpose of a Trade Deal?

The ultimate aim of a trade deal is to make the movement of goods much easier for the countries signed up to the agreement. A trade deal can include two or more countries and will outline a set of agreements approved by the countries involved.

When it comes to exporting and importing food, drink and other goods between countries or trading blocks, UK trade deals ensure companies have a level playing field in the international market.

Further to this, UK trade deals protect the interests of British interests across the global stage, particularly with relation to British businesses competing abroad.

How Many Trade Deals Has the UK Signed Since Brexit?

As of October 2021, the United Kingdom has signed trade deals and agreements in principle with 69 countries and one trading block, the European Union.

Most of the 69 UK trade deals are classed as “rollover” agreements, meaning that the terms they trade upon have been copied from when the UK was a member of the European Union, as opposed to drafting new terms and conditions to comply with.

What Trade Deal Does the UK Have with the EU?

Agreed and signed in December 2020, The UK and European Union have a new trade deal, known as The EU-UK Trade and Cooperation Agreement.

The new trade agreement between the United Kingdom and European Union provides zero tariffs and zero quotas on all goods that are compliant with the country of origin.

UK trade deals such as this ensure the continuity of exports and imports from and to the UK and EU, meaning that British brands still have access to the world’s largest trading block’s market.

Does the UK have a trade deal with Australia?

Yes, and it’s the first post Brexit trade deal ‘built from scratch’ by the UK. The deal was virtually signed on December 17 2021 and will mean that 100% of UK exports will be tariff free. The UK – Australia trade deal is expected to bring in £10.4 billion of additional trade to the United Kingdom.

Helping British Brands Reach International Markets

Smylies exports the best of British brands to over 50 countries across the globe.

Thanks to the Smylies Shop, orders can be placed from a vast range of international locations, with access to some of the most competitive promotions and a multitude of features which provide a seamless customer journey.

If you would like to find out more about how to take advantage of the Smylies experience, either as a brand or buyer – you can contact the Smylies team online.