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In recent years, the issue of free trade agreements has become increasingly important for countries around the world. In the United Kingdom, this has been especially true following the country`s decision to leave the European Union. As a result, the UK has been seeking to establish new trade deals with countries and regions around the world. In this article, we will take a look at some of the current free trade agreements that the UK has established.

Japan

In October 2020, the UK and Japan announced that they had agreed on a free trade agreement. The agreement was seen as a major achievement for the UK as Japan is the world`s third-largest economy. The agreement aims to eliminate tariffs on 99% of goods traded between the two countries within the next 15 years. This deal has already been enacted since January 1st, 2021.

Canada

In November 2020, the UK and Canada announced that they had agreed on a free trade agreement. The agreement aims to boost trade between the two countries by eliminating tariffs on a wide range of goods, including seafood, automobiles, and machinery. The agreement is also expected to increase investment and employment opportunities in both countries.

Mexico

In December 2020, the UK and Mexico announced that they had agreed on a free trade agreement. The agreement aims to increase bilateral trade and investment between the two countries by eliminating tariffs on a range of goods, including beverages, food, and machinery. The agreement is expected to create opportunities for businesses in both countries as they seek to expand their presence in new markets.

South Korea

In August 2019, the UK and South Korea signed a free trade agreement. The agreement aims to boost trade between the two countries by eliminating tariffs on a wide range of goods, including electronics, automobile parts, and pharmaceuticals. The agreement is also expected to increase investment and employment opportunities in both countries.

Norway, Iceland, and Liechtenstein

In September 2018, the UK and the three EFTA (European Free Trade Association) nations – Norway, Iceland, and Liechtenstein – signed a free trade agreement. The agreement aims to maintain the existing trade relationship between the UK and the EFTA nations following the UK`s decision to leave the EU.

In conclusion, the UK has been actively seeking to establish new free trade agreements with countries and regions around the world. These agreements are seen as important for boosting trade, investment, and employment opportunities for businesses in the UK and its trading partners. The recently signed agreements with Japan, Canada, Mexico, and South Korea, as well as the EFTA nations, are examples of the UK`s efforts to strengthen its position in the global economy.