However, it is not necessary to have a particularly keen imagination to predict a deterioration in U.S.-China relations to the point where countries must “choose” the trading partner they value the most. EU legislation would prevent the UK from negotiating separate trade agreements with third countries as part of negotiations for a comparison with the EU under Article 50 of the kill. The reason is that during this period the United Kingdom would still be an EU Member State and as such it would not have the power to negotiate trade agreements with third countries. Even if, from a legal point of view, a pragmatic solution allowing the UK to negotiate informally with third countries during Article 50 of the TUE, this would require the goodwill of the EU institutions. The UK also believes that it would be extremely difficult to negotiate with third countries and start complex negotiations with the EU. While we remain focused on the UK`s top 50 trading partners, which account for 92% of total UK trade, 41 of them have trade agreements or ongoing negotiations with the EU. 18 of the UK`s top 50 trading partners are EU countries, one (Norway) is an EEA country, one (Turkey) has a customs union agreement with the EU, eight countries have existing EU NTPs and 13 countries are currently negotiating EU trade agreements. This would lead to at least 24 negotiations to be concluded. Our economic relations with Southeast Asia are strong. For many years, the EU has been the main source of foreign direct investment in ASEAN and one of its main trading partners. We have already concluded important free trade agreements with Singapore and Vietnam, as well as with Japan and Korea, and we are negotiating with several other countries, including Indonesia, Australia and New Zealand. These agreements have helped to maintain trade despite the pandemic, for example by significantly increasing imports of organic chemicals and essential medicines from Singapore. The EU currently has ptA with 52 countries and negotiates trade agreements with 72 other countries.
In the event of Brexit, the UK would therefore have to renegotiate or start bilateral negotiations on 124 trade agreements, plus an additional trade deal that would redefine its own trading status as a third country vis-à-vis the EU. At present, the UK is solely bound by EU trade agreements (for example. B, agreements with South Africa on the wine trade, Israel on public procurement or with Australia in terms of mutual recognition in the assessment of compliance). They bind the UK only under EU law. The United Kingdom is not involved in these agreements. From a legal point of view, the UK, after leaving the EU, should renegotiate its trade relations with the third countries that are currently parties to these agreements. This trade war, followed zealously by Donald Trump, has undeniably its imprint, but few expect this conflict to go away with him, or even on the basis of any first-phase agreement. The CPTPP, like its predecessor TPP, is seen as a next-generation trade agreement, based on the basic structure of existing WTO agreements and bilateral free trade agreements, but which pursues WTO agreements and free trade agreements in a number of key areas such as digital and electronic commerce, intellectual property and state-owned enterprises (SOE). As a result, the CPTPP will not only have a significant impact on the exchange of goods and services between the contracting parties, but it will likely have repetitive effects as its provisions serve as a model for other agreements. For example, the newly signed U.S.-Mexico-Canada (USMCA) agreement, which follows the North American Free Trade Agreement (NAFTA), refers to some of its chapters in the TPP. The CPTPP`s overall tariff reductions – about 90% of post-entry and almost all others within ten years – will have a direct impact on the relative competitiveness of exporters inside and outside the agreement.