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Britain Post-Brexit-Searching for Trade Deals OPENING CASE In 1973, the United Kingdom joined the European Economic Community (as the European Union was known then). The belief was that by joining the Community, the UK would be able to strengthen its trading ties with other member states in Europe and enjoy substantial gains from trade, which would result in greater economic growth going forward. The decision was politically controversial, with many in the UK fearing that membership would limit the country's national sovereignty. A 1975 referendum reaffirmed Britain's commitment to staying in the Community, with 67 percent of the electorate voting in favor of continued membership. In many ways, the next 45 years reaffirmed the benefits of joining the EU. Trade between Britain and its European partners increased significantly. By 2019, 43 percent of all British exports went to other EU countries, and 52 percent of all imports came from the EU. Services accounted for 42 percent of the UK's exports to the EU. The largest contribution here was in financial services, underscoring the dominant position of London as the financial capital of Europe. While economic growth was far from spectacular, it was slow and mostly steady, with the UK economy outperforming many of its European partners and expanding by around 250 percent when adjusting for inflation. Despite the apparent benefits of tighter integration with other European nations, in June 2016, the UK held another referendum on membership of the EU. The core issue was the same as that which produced the 1975 referendum: A significant proportion of the country felt that membership in the EU was negatively affecting the country's national sovereignty. Flash points included (1) surging immigration from EU member states in eastern Europe, (2) the perceived growing power of the EU bureaucracy in Brussels, and (3) the inability of Britain to make its own trade deals while a member of the EU. Those who wanted to leave argued that Britain would be economically better off in the long run if it exited the EU. Those who wanted to remain argued that, by exiting, Britain would suffer substantial economic harm from the loss of easy access to the EU's large single market. In the end, the "leave" campaign won the referendum over "remain" by 51.89 percent of the vote to 48.11 percent. This narrow victory did little to ease political tensions in the country, but the ruling Conservative government, which itself was deeply split on the issue, now had to negotiate an exit deal with the EU. Britain formally left the EU at the end of January 2020. What followed was a year-long transition period while Britain and the EU negotiated the term of a post-Brexit agreement. Finalized in late December 2020, the EU-UK Trade and Cooperation Agreement established a "zero tariff, zero quota" agreement on the trade of goods between the EU and the UK. While this sounds beneficial, because the UK is no longer a member of the EU Customs Union or single market, a series of new customs and regulatory checks were imposed on exports from the UK to the EU. These included rules of origin and local content requirements that were predicted to slow down the export process and make it prohibitive to export some goods, and also make it very difficult to keep cross-border just-in-time supply chains flowing smoothly. To compound matters, the EU will no longer automatically recognize the professional qualifications and licenses of UK residents and businesses, which could make the exporting of services from the UK more difficult. Because services account for 80 percent of the UK economy, and the City of London has historically been a major exporter of financial services, this could have serious consequences. With Brexit now a done deal, for better or worse, the British government is eager to negotiate free trade agreements with other countries and trading blocs. While Boris Johnson's Conservative government would like a free trade agreement with the United States, the Biden Administration has made it clear that new trade deals are not a priority. Moreover, in any deal, America would most likely want the British to open up their markets to U.S. agricultural products, pharmaceuticals, and financial services, none of which appeals to the British public. The United States has also signaled that it will probably prioritize a trade deal with the EU, which could complicate any UK-U.S. deal. With a possible deal with the United States on a slow track, the UK has to sort out other partners. In late 2020, the government announced that a free trade deal had been struck with Japan. This agreement was similar in form to a 2018 agreement between the EU and Japan and was generally viewed as providing continuity for Japan-UK trade post-Brexit. In other words, it could hardly be considered a new trade deal. The British are also pursuing a free trade deal with India. India is already the sixth-largest non-EU trading partner for the UK, and Indian and UK companies are important investors in each other's economies, so such a deal would make economic sense. However, the Modi government in India has voiced skepticism about the benefits of free trade, so this deal may not be easy to reach. The British are also reportedly interested in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This is the free trade bloc of 11 nations, including Japan, Australia, New Zealand, Canada, and Mexico, which is the successor to the Trans-Pacific Partnership (TPP) agreement that never came into force because the United States withdrew from it in 2017 after Donald Trump became President. Even though the UK is not a Pacific Rim nation, Australia, New Zealand, Singapore, and Japan have all indicated that they are willing to talk with the British about this. Talk, however, is cheap. Meanwhile, in the first month of implementation of the EU-UK Trade and Cooperation Agreement, chaos ruled in Britain's channel ports. There were long lines of trucks due to significant delays in getting through the new customs processes. Exports of goods from the UK to the EU reportedly fell by a staggering 68 percent in the first month that the new rules were in force, compared with the same period a year earlier. An estimated 65 to 75 percent of the vehicles that arrived from the EU were returning empty because there were no goods for them to take back due to holdups on the UK side, and because some UK companies had temporarily or permanently halted exports to the EU because they could not comply with the new rules. For its part, the British government argued that the slowdown was as much due to a COVID-19 lockdown in Britain as it was to trade disruptions post-Brexit. Whatever the cause, the optics were not good. To compound matters, in January 2021, Amsterdam displaced London as Europe's biggest center for trading shares, reinforcing the fears of many in the UK that Brexit would significantly damage London's position as the financial capital of Europe. Questions: Why do you think Britain is having so much difficulty negotiating new trade deals? What has Brexit meant for British companies doing business in the European Union? Why is it important for British companies that the United Kingdom negotiate new agreements? What do you think Britain's departure from the European Union and subsequent challenges mean for the future of the bloc