The world awaits for post-Brexit Britain
BY TED YARBROUGH
With the Coronacrisis dominating the headlines, two very important and contrasting stories have gone unnoticed. Firstly, Britain and the US have had a positive and successful opening round of FTA negotiations and the UK has published its own tariff regime as part of the trade bill led by the brilliant and charismatic International Trade Secretary, Liz Truss. Secondly, with the EU continuing to behave churlishly, the UK’s senior negotiator David Frost has drawn a firm line on where discussions with the continental bloc need to go now. With leaders like Boris Johnson, Liz Truss, and David Frost at the helm, this is the buccaneering Britain I want to see! As David Campbell Bannerman says, “the post-Brexit economic revolution has begun.”
As an American, I am very excited about the prospect for cheaper goods and closer ties with the United Kingdom – and I am further heartened by Liz Truss’s desire to make it easier for Britons and Americans to work in each other’s countries. Surely, this is a no-brainer. The US is the UK’s largest export market, we are bound by a common language and culture, and we are close allies – with a bond known as the special relationship. The opportunities are endless. But however wonderful the deal with the US may be, there is no need for the UK to end its free trade ambitions there.
Another clear opportunity for free trade and free movement of workers is CANZUK. Canada, Australia and New Zealand share a common bond: the Queen, the World Wars and possibly an even deeper cultural tie than Britain and the US. Furthermore, Canada, Australia and New Zealand are all large, growing first world economies, who would bring enormous trade advantages to each other if a free trade deal can be reached. Best of all, the people of the CANZUK nations support free trade and free movement, by solid majorities in all four nations.
I was very glad to hear that the UK Global Tariff will not seek to penalise developing nations. That is important, not only because the UK should be using the engine of free trade and free markets to benefit the world’s poorest, but also because the developing world must be a target for the United Kingdom’s longer term trading ambitions. Last year on this site I wrote in support of a “C-9” trade deal of the CANZUK and five other Commonwealth economies – India, South Africa, Singapore, Nigeria and Malaysia. This should be another concomitant goal, as the UK’s horizons expand. History shows us that it is through trade and open markets that people become wealthier and freer.
The era of Free Britain has begun. I am confident that it will bring with it a bold new future of free enterprise and free trade, with my country, and the whole world.
Ted Yarbrough is a lawyer based in the United States. He is the co-founder and editor of The Daily Globe. Follow him on twitter: @TedYarbrough1