Britain considering joining NAFTA as EU trade deal looks unlikely
Oct 10, 2017 Business 2725 By Barakat Husseini
- Britain considering joining NAFTA as EU trade deal looks unlikely.
- U.S. is biggest single destination for British exports.
- The EU is Britain’s biggest single export market.
According to the Daily Telegraph (UK), Britain may be forced to seek trading alliance with NAFTA as Brexit discussions appear to be tougher than expected.
Britain is currently negotiating the terms of its divorce from
the EU though Prime Minister Theresa May is pushing to move onto discussions about a major free trade deal with the world’s biggest trading bloc.
As time draws nearer towards the Brexit deadline in 2019, senior British officials are seriously contemplating what the country's fate would be should they exit the European Union without a clear sense of direction economically.
The EU is Britain’s biggest single export market, accounting for about 50 percent of goods exports in August. The United States was the single biggest destination for British exports, accounting for 14 percent in August.
As a result, it would make sense that the United Kingdom may want to deal directly with the U.S. through NAFTA.