Currently, only 3.5% of UK exports go to China. We are currently doing more with Ireland. Much of the $22 billion we sell to China is made up of vehicles and medical and pharmaceutical products. Britain`s huge services economy still has limited access to China. But China has the world`s second largest economy and is expected to remain a powerful economic magnet for exporters and investors in the coming decades. What are the chances of a trade deal with Beijing when Brexit takes place in a matter of days? In the future, ministers will be required to both conduct a human rights impact assessment for each trade agreement and revoke an agreement in cases where potential genocide is found in a provisional ruling by the UK Supreme Court. This would be the first time that national courts will have the right to declare whether there has been genocide in another country. No new trade agreement can begin until the transition is over. Nevertheless, interest in the possibility of a major British trade deal with Beijing has resumed as Britain prepares to leave the EU.
Days after the 2016 referendum, future Brexit secretary David Davis said that “trade deals with the US and China alone will give us a trade area almost twice as big as the EU.” Viscount Younger opposed the measures for the government and said, “This would touch the heart of the separation of powers in the British constitutional system and allow the Supreme Court to thwart trade agreements concluded by the government and ratified after parliamentary review.” Last week, Donald Trump and Liu He, China`s vice premier, signed the first phase of a new U.S.-China trade agreement. Discussions around the agreement have been painful, raising fears about the world`s involvement in a trade dispute between the two economic giants. The signing showed that there is a space for compromise and confrontation with China, but the negotiations show the difficulties encountered with the United States, which has adhered to economic nationalism, and a China whose markets are still limited in many important areas. The UK government is also conducting trade negotiations with countries that do not currently have trade agreements with the EU, such as the United States, Australia and New Zealand. On 23 October, the UK government signed a new trade agreement with Japan, which means that 99% of UK exports will be tariff-free. Updated because the EU has informed countries with which it has trade agreements that EU trade agreements can continue to apply to the UK during the transition period. After leaving the European Union, the UK plans to negotiate trade agreements to replace and complement members of the EU Customs Union. Since October 2020[update], the UK has concluded a new trade agreement (with Japan) for the continuation of 20 existing agreements (EU) and new negotiations are under way.