In recent days, a prominent think tank has voiced concerns that the UK Government could face a number of hurdles in its attempts to secure new trade deals post-Brexit if it pushes ahead with plans laid out in its Brexit White Paper.
The White Paper, which has been described as a ‘blueprint’ for the UK’s plans to leave the European Union (EU), has attracted widespread criticism since it was first unveiled, and disagreements between EU and UK negotiators remain at large.
Over the past few weeks, media reports have begun suggesting that if tensions continue, a no-deal Brexit could be a very real possibility – which many believe could have dire consequences for both the UK and the EU.
But earlier this week, think tank Policy Exchange argued that pursuing the White Paper as it stands could also have detrimental consequences for Britain in terms of international trade.
Specifically, the group claims that following through on the White Paper to the letter could ‘scupper’ the UK’s chances of striking important trade deals post-Brexit, such as the possibility of Britain joining the Progressive Trans Pacific Partnership (CPTPP).
The CPTPP, which spans across several countries, is currently the world’s largest trading bloc outside of the EU, incorporating the likes of Australia, New Zealand and other Pacific nations.
However, before Britain can move to strike a deal with the CPTPP, it would need to be ‘free’ to negotiate on both goods and services – which could prove problematic under the terms of the White Paper and Chequers Agreement.
Alexander Downer, Chairman of Policy Exchange, said that joining the CPTPP would give the UK “unfettered access to many markets,” but that the White Paper’s conditions limiting Britain’s freedom to make its own decisions on goods could pose a real barrier to any potential negotiations.
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