Only six out of 40 trade deals have been agreed
JUST six existing EU trade deals – necessary in the event of No Deal – have been agreed in preparation for Brexit day.
Trade Secretary Liam Fox has pledged to roll over 40 deals signed by the EU with 70 different countries to ensure they still apply to the UK after March 29.
But a document, leaked to The Sun, revealed only six such deals have been agreed so far.
It gave amber warnings to nine countries, including major economies South Korea and Canada.
Red and black warnings were given to 23 other deals, including with Japan, Turkey and Mexico. This means they have no chance of being signed in time. The UK benefits from the deals, which
cover 11 per cent of overall trade and are mostly based on World Trade Organisation rules, thanks to EU membership.
Dr Fox said if there was a deal with the EU the agreements would continue until the end of the ‘transition’ period in 2020.
Yesterday he told the Commons the talks would inevitably ‘go down to the wire, as ‘that’s the way that countries do business’.
But Labour trade spokesman Barry Gardiner said ‘inadequate’ Government resources were ‘focused on the wrong priorities’.
It came as US carmaker Ford warned a No Deal Brexit would be ‘catastrophic’ for its British operations. Earlier this week it was reported the company, which employs 13,000 Britons, is preparing alternative sites overseas to avoid No Deal disruption.
‘Going down to the wire’