26th April, 2021
Brexit: What trade deals has the UK done so far?
The free trade deal between the UK and European Union (EU) came into force on 1 January 2021.
What does the agreement mean and what other trade deals has the UK made?
What is a free trade deal?
A free trade deal aims to encourage trade – usually in goods but occasionally in services – by making it cheaper. This is often achieved by reducing or eliminating tariffs – taxes or charges by governments for trading goods across borders.
Trade agreements also aim to remove quotas – which are limits on the amount of goods which can be traded.
Trade can also be made simpler if countries have the same rules, such as the colour of wires in plugs. The closer the rules are, the less likely that goods need to be checked.
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