Closer EU trade ties greater prize for UK than making separate deals, minister says
Summary
A UK trade minister, Douglas Alexander, said that having closer trade ties with the European Union (EU) could benefit Britain more than making separate trade deals with other countries. He noted that the EU is the UK's biggest trading partner and that the economic benefits from the EU are much larger than from deals like the recent one with India.Key Facts
- Douglas Alexander, former trade minister, supports closer UK trade relations with the EU.
- He believes a customs union or full membership arrangement with the EU would boost the UK economy more than separate trade deals.
- The UK trades almost twice as much with the EU as with the United States.
- The EU has its own trade agreement with India, which reduces prices, like a 10-15% drop in scotch whisky prices in India.
- Alexander said the UK is paying an economic price for new trade barriers with European neighbors after Brexit.
- When the UK joined the Pacific trade group CPTPP, it estimated a small positive impact on the UK economy (less than 0.1% GDP).
- Alexander was in India with government ministers to solve early problems with the UK-India trade deal.
- The UK hopes to reach new agreements with the EU on emissions, electricity, and agricultural products soon.
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