Blog: £1.6TRN trade bonanza incoming! Brexit Britain on brink of new mega-pact with 27 nations – Express

During international trade questions in the House of Commons Ms Mordaunt revealed that 27 partnerships with Commonwealth countries will be worth $2 trillion by the end of the decade in 2030. It came as Tory Cornwall Souuth East MPs Sheryll Murray urged the Government to use the Platinum Jubilee celebrations to build on relationships with former parts of the British empire.

Ms Mordaunt told MPs: “Pre pandemic, the combined GDP of the Commonwealth was 9 trillion US dollars and nearly 80 percent of that was due to four nations.

Us, India and Canada with which we are now negotiating a free trade deal (FTA), and Australia where we have already secured a from scratch FTA.

“With 27 economic partnerships we intend to boost our intra Commonwealth trade to 2 trillion US dollars by 2030.”

In further exchanges, Ms Murray asked: “In this year of the Platinum Jubilee what better time could there be to cement our bonds with Commonwealth countries.

“Does my Right Honourable friend agree with me that this would be an extra year to redouble our efforts with these nations which have such a strong history with our own?”

Ms Mordaunt replied: “Yes we have the Jubilee we also have the Commonwealth Games [in Birmingham] and obviously CHOGM [Commonwealth Heads of Government Meeting in Rwanda] approaching and it is right that we celebrate and enhance our Commonwealth family.

“We are united in our commitment to Democracy, peace and prosperity and will continue to work with our partners to capture the potential of the Commonwealth advantage which allows for 21 percent lower bilateral trade costs between Commonwealth countries on average compared with most non-Commonwealth countries.

“I think we should be putting all our weight behind maximising that.”

There is support from politicians around the Commonwealth for a formal trade pact for the entire bloc to take advantage of Brexit.

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During the Brexit talks in 2018, Nigerian Presidential candidate Atiku Abubakar said a Commonwealth trade deal would allow the “African lion economies roar.”

The UK is currently in the middle of negotiations with Canada for a major free trade deal but has just passed one with Australia which will unlock £10.4 billion of additional trade, boosting our economy and increasing wages across the UK, while eliminating tariffs on 100 percent of UK exports.

Rejoiner parties have tried to dismiss the positive impact of the Australia deal which is currently being legislated on in Parliament.

Labour’s shadow international trade minister Dame Nia Griffith described it as “a shocking sellout”.

But the UK Government has highlighted four major benefits.

According to the Department of International Trade the top benefits of the Australia deal include:

  • It gives UK firms guaranteed access to bid for an additional £10 billion worth of Australian public sector contracts per year.
  • It will allow young people to work and travel in Australia for up to three years at a time, removing previous visa conditions.
  • For the first time UK service suppliers including architects, scientists, researchers, lawyers and accountants will have access to visas to work in Australia without being subject to Australia’s changing skilled occupation list. This is more than Australia has ever offered any other country in a free trade agreement.
  • The deal removes tariffs on all UK exports, making it cheaper to sell iconic products like cars, Scotch whisky and UK fashion to Australia, while making Australian favourites like Jacob’s Creek and Hardys wines, Tim Tams and surfboards more accessible for British consumers.

The UK is also pursuing a major deal with the Trans Pacific Partnership of 11 nations which is projected to have a larger collective GDP than the EU soon.

Meanwhile, talks are underway for a UK/ US trade deal and 20 agreements with individual US states will be signed this year.

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