Even the d Aussie PM said Claims Britain will be able to recuperate its trade losses with the EU by dealing with Commonwealth nations are “utter bollocks”.
If Commonwealth trade would increase outside the EU it would increase within it too. Through our existing EU trading arrangements we have already maximised out trade with the Commonwealth countries all listed below.
The world's economy chart shows the commonwealth is small fry in terms of GDP. And we trade with the Commonwealth now PLUS the EU.
A+B is not bigger than Just B
It’s flawed logic to suggest that we need to leave the EU in order to do more trade with the Commonwealth.
We already maximise trade with Commonwealth countries through existing EU trade deals that we helped negotiate.
In 2016:
• UK exports of goods and services to the entire Commonwealth was 8.9% of all British exports (the same as UK exports to Germany).
• UK exports to the EU accounted for 43.1% of all UK exports.
• UK imports of goods and services accounted for 7.8% of all British imports (roughly the same as UK imports from China);
• UK imports from the EU accounted for 53.9% of all UK imports..
As EU members we have EU trade at 43% PLUS preferential trade agreements (in the form of a Free Trade Agreement or an Economic Partnership Agreement) with the following Commonwealth states:
• Canada
• Cameroon
• Botswana, Lesotho, Mozambique, Namibia, South Africa and Swaziland.
• Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Saint Lucia, Saint Vincent and the Grenadines, Saint Kitts and Nevis and Trinidad and Tobago.
• Papua New Guinea and Fiji
Combined, these countries accounted for 29.8% of UK exports to the Commonwealth and 28.0% of UK imports from the Commonwealth.
The EU has ongoing negotiations on preferential trade agreements (in the form of a Free Trade Agreement or an Economic Partnership Agreement) with the following Commonwealth countries:
• India
• Brunei Darussalam, Malaysia and Singapore
• Malawi, Zambia, Mauritius and the Seychelles
• Kenya, Rwanda, Tanzania and Uganda
• Gambia, Ghana, Nigeria and Sierra Leone.
In summary:
• 64.2% of UK exports to the Commonwealth are with countries that we already a trade deal with the EU
• BUT all those countries only amount to 8.9% of total UK exports going to the Commonwealth.
By contrast, roughly 43% of UK exports went to EU countries in 2016. Why jeopardise the 43% when we’ve already got the commonwealth too?
Enhancing UK trade with the Commonwealth post-Brexit are extremely limited.
www.independent.co.uk/news/uk/politics/brexit-uk-trade-commonwealth-kevin-rudd-australia-a8818996.html
Britishh illusion off Commonwealth tradee after Brexitt
15%%oftheeworld’s_trade
https://blogs.lse.ac.uk/brexit/2015/12/10/the-commonwealth-and-the-eu-lets-do-trade-with-both/LSE