Friday, 9 August 2019

Brexit prediction: Boris' trade chief reveals UK will leapfrog Germany with US trade deal



BRITAIN’s Trade Secretary Liz Truss has declared that Brexit plans to turbo-charge freeports will accelerate British economic growth and displace Germany as Europe’s leading economy.

 

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Liz Truss has unveiled a set of economic proposals that Britain will take after leaving the EU with or without a deal at the end of November. Speaking to the Heritage Foundation, Boris Johnson’s Trade Secretary claimed plans to develop freeports would “turbocharge growth and ensure towns and cities across the UK benefit from Brexit trade opportunities”. She also revealed that talks with US Secretary of Commerce Wilbur Ross showed that a US-UK trade deal was a priority.
Ms Truss is set to visit the Port of Newark, New Jersey, one of 300 US freeports, later today as part of her first overseas trip after taking office two weeks ago.
She said that freeports could help Britain achieve its bid of overtaking Germany to become Europe’s largest economy.
The British Government announced plans earlier this month to create up to ten freeports to boost trade and manufacturing by cutting costs and bureaucracy.
Freeports, also known as free trade zones, are areas where goods or raw materials can be stored or made into goods free of customs duties and taxes before being exported.
Truss

Truss has unveiled a set of economic proposals that Britain will take after leaving the EU (Image: GETTY; IG)
Boris Johnson’
Boris Johnson’s Trade Secretary claimed that plans to develop free ports to boost trade (Image: GETTY)
Britain has been prevented from creating freeports due to its ties to the EU’s custom union and single market.
In the US, freeports deal with around £616billion of goods every year.
Government advisers estimate that UK freeports could create more 86,000 jobs for the British economy, largely in areas outside London.
Ms Truss said: “I think there is a big opportunity to onshore manufacturing in the UK to create those customs zones where we will be able to import and export raw materials into finished goods and create value on our shores."
Wilbur
Talks with US Secretary of Commerce Wilbur Ross showed that a US-UK trade deal was a priority (Image: GETTY)

 
Teesport, the Port of Tyne, Milford Haven and London Gateway have already expressed an interest in gaining freeport status.
In her speech to the Conservative think tank, Ms Truss said that the United States was Britain’s most important trading partner.
She added that Downing Street viewed negotiating a free trade agreement with Washington as a top priority.

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