The head of the Bank of England has emphasized the need for the UK to repair its trade ties with the European Union following the recent agreement with the United States. Andrew Bailey highlighted the importance of enhancing long-term trade relationships and reiterated the significance of addressing the impact of Brexit on UK-EU trade.
Bailey, as a public official, refrained from expressing a stance on Brexit but acknowledged the benefits of mitigating the repercussions of the UK’s separation from the EU. He underscored the government’s ongoing discussions with the EU to establish a framework for trade and security cooperation, emphasizing the need to address the challenges arising from Brexit.
The recent trade deal with the US has opened up possibilities for the UK to pursue a veterinary agreement with the EU, particularly focusing on aligning standards to reduce trade barriers post-Brexit. While the agreement included concessions on import taxes for British cars, steel, and aluminum, there remains a 10% duty on most UK goods.
Mr. Bailey emphasized the advantages of fostering a closer trade relationship with the EU, pointing out the decline in goods trade with the EU in recent years. He highlighted the EU’s position as the UK’s largest trading partner and emphasized the importance of taking steps to preserve long-term trade ties. Bailey also cited the UK’s trade agreements as a model for other countries, underscoring the significance of global trade deals and the potential they hold in rebuilding the international trading system
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