UK, EU Resolve Some Trade Issues

Britain and EU have agreed that Britain will be able to take part in joint procurement projects with European Union countries. The issue had remained unresolved since Britain exited the EU. UK had exited the EU in 2020, after a 2016 referendum. In this referendum majority of voters in UK had voted in favor of Brexit.

Fishing Issue Resolved

Another issue that has been resolved pertains to fishing. UK and EU fishing vessels will be able to access each other’s territorial waters for the next 12 years, without any barriers. Also, British exports of food products to EU will be subjected to lesser paper work and checks at border. One of the adverse impacts of Brexit had been that British exporters of food products to European Union were finding it more difficult to export.

Britain and European Union will do further trade talks later in the day today. Britain and EU both are in a hurry to reduce trade barriers further. This, in the aftermath of US President Donald Trump’s sharply increasing tariffs on imports to America. Britain entered into a Free Trade Agreement (FTA) with India a few days ago. Britain has also entered into a trade deal with USA.

UK’s economy is dependent on trade. In the 12 months to February 2025, its total trade stood at GBP 1,790.5 billion. This was a year-on-year (y-o-y) increase of 1.7% over the corresponding period of the previous year.

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Data Source: https://www.gov.uk/government/statistics/uk-trade-in-numbers/uk-trade-in-numbers-web-version