Douglas Alexander said closer EU trading ties would be worth more to the UK than separate free trade deals, as ministers seek progress with India and prepare for talks at next month’s EU summit.
01Summary
- 01Douglas Alexander said the UK would gain more from joint trading arrangements with the EU, such as a customs union or full membership, than from keeping the ability to strike separate free trade deals.
- 02He said the EU is Britain’s largest trading partner and that the UK trades almost twice as much with the EU as with the United States.
- 03Alexander said the price of scotch whisky in India has fallen by 10% to 15% since the UK-India agreement came into force earlier this year.
- 04He said the CPTPP would add less than a tenth of 1% to UK GDP in the long term, compared with what he called the structural damage from Brexit.
- 05Ministers in Mumbai said they are trying to resolve teething problems with the India deal, while also looking ahead to next month’s EU summit.
02Why it matters
The comments suggest a possible shift towards closer UK-EU trade ties, which could affect future trade policy and relations with Brussels. They also show the government weighing the benefits of EU alignment against the loss of independent trade deals.
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