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UK economy received £1 billion to boost through innovative trade digitalisation act in July 2023. [242] Trade deals being negotiated. Canada–United Kingdom Free Trade Agreement; India–United Kingdom Free Trade Agreement; Gulf Cooperation Council–United Kingdom Free Trade Agreement; United Kingdom–United States Free Trade Agreement
The UK has no free trade agreement with any of the EU Overseas Countries and Territories. Greenland and the UK have opened negotiations for a free trade agreement. [168] [169] Montenegro: 1 15 October 2007 1 May 2010 1 January 2021 Goods & Services The UK has no free trade agreement with Montenegro. [170] [109]
The Switzerland–United Kingdom free trade agreement (SUKFTA) is a proposed free trade agreement which began negotiations on 15 May 2023. [1] The trade agreement would be the third FTA to cover Switzerland–UK trade, superseding the Switzerland–UK Trade Continuity Agreement, updating the deal to cover services and digital trade. [2]
The Canada–United Kingdom free trade agreement (CUKFTA) is a proposed free trade agreement which began negotiations on 24 March 2022. [1] The trade agreement will be the third FTA to cover Canada–UK trade, and will supersede the Canada–United Kingdom Trade Continuity Agreement, extending the deal to cover services and digital trade.
A free trade area is the region encompassing a trade bloc whose member countries have signed a free trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and to increase trade of goods and services with each other.
Goods imported into freeports do not incur usual import procedures on entry and re-exit. Import duties are not payable until the goods are put into free circulation or used within the free zone. The first freeport in the United Kingdom opened in the 1980s under Margaret Thatcher, as an attempt to combat de-industrialisation and a declining economy.
Free trade areas between groups of countries, such as the European Economic Area and the Mercosur open markets, establish a free trade zone among members while creating a protectionist barrier between that free trade area and the rest of the world.
The United Kingdom–United States Free Trade Agreement (UKUSFTA) is a proposed free trade agreement between the United Kingdom and the United States. [1]The UK became legally able to independently negotiate trade agreements when it left the European Union from 1 January 2020 due to a transition period which lasted until the UK formally exited the EU. [2]