“These EU trade agreements are essential for (these countries`) development goals. (And) the UK will no longer be able to defend its access to the EU market as it has in the past,” Sir Simon Fraser, former head of the UK Foreign Office, said recently. The idea of a Commonwealth Multilateral Free Trade Area has recently spread in the UK among Eurosceptics who pledged to leave the EU ahead of the referendum on the UK`s EU membership, which led to the decision to leave the EU. But we must be realistic: the Commonwealth will not suddenly become a multilateral free trade area. Today, many members live in their own regional free trade and customs areas. But without any of us having to give up these ties, we can work together to reduce as much as possible, in accordance with their respective memberships, many of the tariffs and barriers to goods, products and services. Since member states` national laws are based on the principles of English case law, we could work together from this common platform to better harmonise investment, certification and trade rules. This is a really important time for world trade and it is also a really important time for the UK, as we leave the EU on 31 October. This is an opportunity for us to truly unlock our potential in every corner of the UK.
For the first time, we will have our own independent trade policy, we will be able to conclude new free trade agreements with nations around the world and we will occupy our independent seat in the World Trade Organization (WTO). The fact is that trade between our nations is already worth half a trillion dollars. Whether it`s lamb from Wales, wines from New Zealand, Australia, South Africa, coffee from Kenya or Canadian maple syrup. The United Kingdom is a member of the European Union and has therefore not been able to negotiate its own trade agreements for several decades. However, after officially leaving the European Union, the UK may again be able to negotiate its own trade deals.